A little good news for the Noida Real Estate, the Noida Extension controversy may be end soon.. The uncertainty in the real estate sector in Noida is likely to be resolved in the next couple of months, said Balvinder Kumar, Noida Authority’s chairman and CEO, while answering queries from one of the participants at a seminar, Noida Unravelled – The Road Ahead, organized by The Times of India. He said the authority is negotiating with farmers to address their grievances and hoped the dispute would be settled soon.
The Times of India recently organized a seminar, Noida Unravelled – The Road Ahead
Participants like developers, investors and buyers flocked to the seminar, eager to hear the CEO of Noida Authority offer his views on the road map ahead, as the realty sector hit a rough patch in Noida after a dispute over land acquisition and the subsequent order of the Allahabad high court.
In his keynote address, Balvinder Kumar, chairman and CEO of Noida Authority, assured all the stakeholders of the realty sector in Noida a speedy redressal of all the sticking points and said development in the sector would again pick up pace and be back to normal.
Kumar said: “As we all know, Noida is one of the fastest developing residential and commercial hubs in the country. Information technology, insurance, institutional and residential sectors in the region are the main engines of growth around which the entire township is being developed. We are ensuring that the place has world-class infrastructure where every sectoral player would like to come and invest.”
Noida has been developed as a planned industrial township under the UP Industrial Area Development Act, 1976. In many respects , this is a unique experiment in the country, as the government set up an authority which was entrusted the task of acquiring land from farmers in the notified area and then developing infrastructure before selling the developed land to end users.
Kumar said physical infrastructure like roads, sewers, power and water supply lines, etc, which has been developed in Noida, and later in Greater Noida, is far better than that in other new cities that have come up in the country.
He said: “I am not saying that everything is fine and perfect here. There are many challenges and constrains we are facing in Noida. We will have to continue our efforts to meet the growing demand as the population pressure keeps increasing. A few years ago, one could not have imagined that Noida-Greater Noida Expressway would witness traffic congestion. But, this is a reality today. Now, we are working to remove the bottlenecks that are coming in the way of smooth movement of vehicular traffic.
Roads along Sector 18, Rajni Gandha Chowk, Sector 37 and Choura Mor, among others, have been widened to meet the increasing traffic. Many elevated roads, underpasses and bridges have been proposed. A detailed project report (DPR) for a Metro line in Greater Noida is also under preparation,” Kumar said.
Noida is spread over 20,316 hectares and is almost saturated. Out of this, 15,280 hectares had been earmarked for developing urbanized areas. The city has a high score in terms of modern amenities and can boast of a healthy environment. Connectivity to New Delhi and Gurgaon has also made Noida a favoured destination for business travellers and investors.
Noida authority is working on different schemes to strengthen and build a holistic win-win environment for all the stakeholders. However , certain issues have affected the investment climate here and land acquisition is a major topic of debate today.
“Land is like a raw material for township development. But it is no body’s case that farmers should not be compensated adequately. We, as a government authority, always work to protect the interests of the farmers . In fact, if one calculates the total compensation for land acquired from the farmers, including the price of developed land in Noida, this is one of the highest packages in the country. However, the farming community is not satisfied and we are making efforts to make land acquisition policy more attractive and transparent,” Kumar said.
Noida authority, which was formed in 1976, had been allocated land in 54 villages for development of a modern industrial urban township . The authority is entitled to acquire these lands for a planned industrial development, which includes residential, commercial, institutional , recreational, industrial and other facilities. As the requirements rise, the authority is vested with the powers to take decisions in acquiring land. In fact, the compensation to farmers was doubled in 2008, to around Rs 50 lakh per acre.