GNIDA Restricts Plot Subdivision, Mandates Development Fees
Real estate developers will no longer have the authorization to subdivide and subsequently sell allotted land parcels in Greater Noida, even for industrial setups. The Greater Noida Industrial Development Authority (GNIDA) has made it clear that the division and sale of land are prohibited before an authority's formal establishment. Furthermore, developers are now obligated to pay a development fee.
These significant decisions occurred during the 124th board meeting of GNIDA at its Greater Noida headquarters. Sanjeev Mittal, the Uttar Pradesh Commissioner for Industrial Development, presided over the meeting. Key figures like GNIDA CEO Narendra Bhooshan were also present, alongside other high-ranking officials.
Smart Classrooms and Libraries for Villages
The board has given the green light to a proposal aimed at transforming 14 villages into technologically advanced "smart villages." According to Mr. Bhoshan, a pilot initiative is already underway in Maicha village. The tendering process for the remaining 13 villages is set to commence soon.
The initial phase of the smart village project will focus on establishing essential infrastructure such as drinking water facilities, drainage systems, sewer connections, well-maintained streets, and electrical grids. Subsequently, the project's second phase will introduce libraries, Wi-Fi access points, youth training centers, and smart classrooms within the schools of these villages.
Companies that initiated operations in Greater Noida before GNIDA's establishment now have the opportunity to acquire Floor Area Ratio (FAR) on their remaining land parcels, subject to a fixed fee and the payment of existing development charges.
Timely Apartment Delivery Guaranteed
GNIDA has emphasized that these decisions are aimed at safeguarding the interests of apartment buyers. The recent measures taken by the board are centered around restrictions on plot subdivision by developers in order to ensure project completion and timely delivery of apartments. The decision ensures that designated developers will be fully accountable for the timely handover of apartments to buyers.
In essence, the prohibition of large plot divisions offers dual benefits. First, builders will be incentivized to procure land only when they have definitive construction plans. Second, it drastically reduces delays linked to plot subdivisions. Greater accountability will lead to on-time project completions and the timely delivery of apartments to buyers.
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