4 builders to return land to NOIDA, space to be used for other projects
NOIDA: Four builders have submitted their applications to the Noida Authority under the Project Settlement Policy to hand over their allotted lands to the Authority. The latter is planning to use these lands to provide to other builders under the group housing projects.
Noida Authority, which is already running short of lands, has initiated the project settlement policy under which any builder who fails to continue with the construction work can hand over the land back to the Authority.
These four builders failed to begin construction work and even failed to open an escrow account with the Authority. In this situation, the Authority will be getting 3 lakh meter sq. of land which it will be allotting to other builders under the group housing scheme.
The Authority is planning to hold the land until the UP Assembly elections, as due to the model code of conduct, no new scheme can be implemented in the region. Post UP elections, the Authority is planning to come up with new planning schemes for which this land will be used.
Under the Project Settlement Policy, the builder is
bound to open an escrow account with the Authority but till now no builder has contacted the Authority as to how to follow the given guidelines and regulations to follow for opening an account. The Authority will only facilitate those builders who would open escrow accounts with them.
The price of the land which the Authority is getting back will remain stable and the future allotment will be done keeping in mind the reserved price rate.
This will nowhere harm the Authority financially as the land that was allotted at the earlier rate has been returned at the same rate.
On the other hand, the builder who has given the money against the property to the Authority will get his money adjusted to the remaining piece of land, so that in future, whenever the Authority comes up with any new housing scheme, this money will be adjusted with the future projects of the Authority in case if applied by the builder.
This will surely benefit the Authority that has been facing a crisis due to the shortage of land. It was because of this that the Authority was forced to provide money to farmers instead of lands.