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NOIDA TOUCHING NEW HEIGHTS

by Amita 04-Jun-2013

With the three development authorities of Noida,Greater Noida and Yamuna Expressway having revised their land prices,the dream to build or buy a house of one's own has become costlier.These authorities have raised the land prices by up to 40% of their current rates.The Greater Noida Industrial Development Authority (GNIDA) has prepared a new formula for land procurement under which it can directly purchase land
from the farmers.GNIDA has sent this policy to the Uttar Pradesh state government for its approval.

Under the new policy,landowners or farmers will have two options: either they directly



sell their land to GNIDA or go through the provisions of Section 4/17 or Section 6/17 of the land acquisition policy.For direct land purchase,farmers or landowners will get an additional 20% of the declared compensation (Rs 1,512 per sq metres) as a no-litigation bonus.In addition,they will also benefit from the rehabilitation policy.

GNIDA has already raised by 45% its existing budget for infrastructural development and social services,which now stands at Rs 7,005 crore in the financial year 2013-14.GNIDA and the Yamuna Expressway authority have also increased the compensation rate by 15% to be offered to farmers for acquisitions,besides providing a host of other benefits to them.

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