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Wednesday, Oct 23, 2019

Land rates near metro, expressway hiked by about 5%

noida Updated: Sep 27, 2019 23:00 IST
Press Trust of India
Press Trust of India
Press Trust of India

Residential plots near Metro lines and the expressway will now cost at least 5% more, while land rates for group housing society and institutional plots have also been raised by at least 7%, the Noida authority said Friday.

The decision was taken during the authority’s 197th board meeting which was attended by its chairman Alok Tandon, and CEO Ritu Maheshwari, among others.

Land rates have not been altered since 2016-17 but in view of increased expenditure in land acquisition, development and maintenance in 2019-20 it has been decided that rates of commercial plots with floor area ratio (FAR) 2 will be reduced by 15%, while those with FAR 4 will remain unchanged, the authority said.

“There has been no change in the rate of land in residential areas in general although the categories of some sectors like 14A, 15A, 44A and 44B have been upgraded. Residential plots close to Metro lines will now cost 5% more, while those near the expressway will cost 7.5% more. There has also been an increase of 7% on group housing plots and institutional plots,” the authority said.

On the solid waste management front, the Noida authority has approved a proposal that partial occupancy certificate and occupancy certificate will only be issued for projects that ensure installation of solid waste management systems on their premises.

“This condition would apply to all group housing societies and commercial and institutional spaces bigger than 2,000 square metres and industrial plots that are spread over an area larger than 5,000 square metres,” the authority said.

The Noida authority said it has extended the deadline till November 30 for builders to repay their pending dues in order to have more projects get occupancy certificate so that flats could be handed over to buyers. The earlier deadline for this was August 31.

In order to encourage sanitation workers, the authority has decided to set up monthly reward of ₹3,100 for two supervisors and ₹2,100 for 10 sanitation workers for good work.

First Published: Sep 27, 2019 23:00 IST

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