Noida authority will not increase land rates next fiscal

NOIDA: In a bid to boost the real estate market amid Covid, the Noida Authority has decided to not increase land rates in the next fiscal. The crucial decision was taken at the Authority’s board meeting on Thursday.

At the meeting, the Authority also decided to cancel land allotment if owners are found violating the lease conditions by using residential plots for commercial or any other purposes. Reschedulement scheme, which paves the way for defaulters to settle their dues with rebate, has also been extended till December 31.

The Authority, officials said, carries out a survey and assessment of land rates in the city as well as inflation rate in work orders issued by its departments every year-end to fix the revised rates for the next fiscal. During the current financial year, rates were increased by an average of 7%.

“However, during a recent assessment, it was found that prevailing prices have gone up by 4.16% this time. Due to the pandemic, we will not increase the land rates next year,” said Authority CEO Ritu Maheshwari.

On land lease violations, Authority officials said they would serve notice for the first offence and recover 1% of the current plot premium value. However, if another violation is detected, the Authority will cancel the allocation of the plot and take back the property into its possession.

“From Monday, officials will start looking into the old files to dig up the notices that have been served to residential plot owners in the past and check the status of such properties. Noida Authority has allocated more than 24,000 residential plots over the decades,” an official said.

Reschedulement scheme, which paves way for defaulters to settle their dues with rebate, has been extended for all allottees (except group housing) till December 31, the official said.

Clarifying its position on the unutilised plots allocated under the commercial and group housing categories, the Authority said such allottees should be in possession of an occupancy certificate for minimum stages “to not fall under the purview of a government order”. The UP government, on July 28, authorised industrial bodies across the state to take back plots that have remained unutilised for over five years.

“Also owners of unutilised industrial plots have been given time up to July 27 next year to complete work and apply for completion or functional certificates. In case the plot has been sold to third party by the original owner, we will consider the transaction date for counting the five-year period and give that much time to the second owner to complete work,” said OSD Avinash Tripathi.