For many people the dream of owning property in Greater Noida might end up being just a dream. Land rates in Greater Noida, declared one of the cleanest and greenest urban areas in the country, have been hiked by 50 to 60 per cent.
Greater Noida and Taj Expressway Authority Chairman Lalit Srivastava said, "Greater Noida land rates have been hiked by 50 to 60 per cent in view of hike in land compensation. Residential land rates have been hiked from Rs 6,500 to Rs 10,500 per square metre."
Besides, Srivastava announced major rehauling of Noida and Greater Noida for Commonwealth Games 2010.
"We have decided to spend Rs 9,000 crore for development of Noida and Greater Noida this financial year."
Noida Authority Additional Chief Executive Officer Y.K. Bahl said, "The board approved Rs 4,009 crore for year 2008-09. Keeping in view the Commonwealth Games, several development projects have been planned for the city and Rs 3,918 crore would be spent for that."
"Land acquisition budget has been hiked from Rs 500 crore last year to Rs 1,000 crore. This was necessitated due to hike in land compensation rates which are now Rs 1,000 per square metre in Noida," said Bahl.
"For developing villages at par with sectors, rural development fund has also been hiked from Rs 16 crore to Rs 55 crore. For electricity infrastructure such as sub stations of 220 KV and other capacity, Rs 40 crore has been earmarked in the budget," the additional chief executive officer added.
"The land rate hike proposal for Noida was, however, not approved by the Board. It has asked for the revision of the costing.Rates were proposed to be hiked in view of hike in land compensation," said Bahl
Taj Expressway Authority (TEA) Deputy Chief executive Officer P.K. Aggarwal said, "We have approved Rs 300 crore for land acquisition and Rs 200 crore for development."
"As the authority has no funds, Rs 500 crore would be provided by Greater Noida Authority and Rs 1,000 crore by Noida Authority which would be used for land ac quisition and development purposes. Later the money would be refunded to the authoprities once the land is sold," said Aggarwal.
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