Greater Noida Authority, Real Estate News, ET RealEstate

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NOIDA: real estate developers will no longer be able to subdivide and sell the land allocated to them in Grand Noida, while industrial units set up before the creation of the local authority will also have to pay a development fee, officials said. On Monday.

The decisions were made at the 124th Board of Directors meeting of the Greater Noida Industrial Development Authority (GNIDA) at their Greater Noida offices on Monday. Uttar Pradesh Industrial Development Commissioner Sanjiv Mittal chaired the meeting attended by GNIDA CEO Narendra Bhooshan and other senior officials.

The Council approved a proposal to convert 14 villages into smart villages. Bhooshan informed the Council that the pilot project has started in one of these villages, Maicha, and tenders for 13 more villages will be launched soon.

“Under the smart village initiative, drains, sewer lines, drinking water facilities, streets and power lines would be developed in the villages. This will happen in the first phase of the project. In the second phase, libraries, WiFi, training centers for young people, smart classrooms in schools will be developed in these villages, ”said GNIDA.

“Industrial units, which came into being in Greater Noida even before GNIDA was formed, will now be able to purchase FAR (land area rates) on the remaining plots. A fixed price will have to be paid for this purchase. The GNIDA Board of Directors has given approval in principle to this decision. These companies will also have to pay development costs, ”he said in a statement.

GNIDA said that with the interests of apartment buyers in mind, the board made an important decision regarding developers subdividing plots and selling them.

“Now, the subdivision of large plots has been banned. That is to say that the builder will no longer be able to sell (the subdivision) the plots allocated to him by the GNIDA. They will have to complete the project. This decision will have two advantages. The builders will only take the land on which they want to build the project. Second, the buyers’ apartments will be available on time, ”he said.

GNIDA said that time will not be wasted due to the subdivision of the plots and that the onus of handing over the apartments to buyers on time will rest with the successful builder.

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