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Noida board decides to halt work on ₹605 crore elevated road project
NOIDA: The board of Noida authority on Thursday decided to stop work on the 5.5km elevated road project between Delhi’s Chilla village and Noida’s Sector 94 due
NOIDA: The board of Noida authority on Thursday decided to stop work on the 5.5km elevated road project between Delhi’s Chilla village and Noida’s Sector 94 due to financial crunch. The estimated cost of the project is ₹605 crore.
The decision was taken by the authority board in its 200th meeting held at the Sector 6 main administrative building on Thursday. This is first time that the board decided to halt work on such a big infrastructure project citing financial issues, said authority officials.
The UP industrial and infrastructure development commissioner Alok Tandon, who is chairman of Noida authority, chaired the board meeting, the officials said. The board meeting was attended by top officials, including Gautam Budh Nagar district magistrate, and CEOs of Noida, Greater Noida and Yamuna Expressway authorities.
Apart from this, the board approved a proposal that seeks not to hike land allotment rates, gave its nod to launch a crackdown against commercial activities in residential areas, and allowed merger of two plots, among other decisions. The board discussed a total of 35 agendas related with property, finance and employees recruitment, among others.
The authority had started work on the elevated road project in January last year. Under an agreement, the Noida authority and the UP government have to share 50% cost each.
“However, the authority has not received any funds from the state government for this project. The authority has spent Rs 74 crore to expedite the work. But now, the board has decided that the work should be carried only if the state government releases the funds,” said Ritu Maheshwari, chief executive officer of Noida authority.
The Noida authority put forth the proposal that the work should be stopped until the government releases funds. The board said that a letter should be sent to UP Bridge Corporation that mentions the authority should not release the funds.
The board also approved a proposal that seeks to send a notice to a big real estate developer for delaying the payment for a 50,000 square metres of land in Sector 32.
“The board said that if the developer fails to pay up the dues even after a notice, then cancel the allotment. The developer has dues of at least Rs 2,500 crore against a plot measuring 50,000 square metres in Sector 32,” said Maheshwari.
However, the realtor said that the authority has imposed penal interest wrongly on land and not allowed to open an escrow account under a policy.
