Noida: The Noida authority board has granted permission to procure land for development, following the UP government’s recent approval of the master plan for the Dadri-Noida-Ghaziabad Investment Region (DNGIR), also known as New Noida.
According to officials, the new area, covering 20,911 hectares across 84 villages in Bulandshahr and Gautam Budh Nagar, including the Noida international airport, is expected to spur regional growth and will be equal to Noida’s current developed land area. “The board has allowed direct purchase of agricultural land from farmers at the prevailing circle rate in these villages, and the process will start soon, following the laid-down rules,” said Lokesh M, CEO, Noida Authority.
In order to benefit homebuyers, the authority board has also mandated that property buyers and realtors execute agreements only after proper registration, addressing the current practice of unregistered property sales. “Buyers will now have to pay stamp duty based on the agreement amount,” the CEO informed.
Additionally, the authority has decided to seal the assets of 49 property allottees who owe approximately Rs 1,578 crore in financial dues, following a final notice issued to those failing to settle their debts.
Apart from this, the board has announced plans to develop a co-developer policy to revive stalled housing projects, which could benefit thousands of homebuyers who have been waiting for the completion of their apartments.
The authority has appointed two co-developers to resume construction on stalled housing projects by Sunworld Residency Private Ltd. in Sector 168 and Ambience Private Ltd. in Sector 115. Nimbus Projects Limited will oversee the Sunworld project, while Theme County Private Limited will manage the Ambience project. These developments, delayed due to insufficient last-mile funding, aim to secure financing and ensure timely delivery for approximately 2,000 homebuyers. This decision was made during Noida Authority’s 215th board meeting, chaired by Uttar Pradesh Chief Secretary Manoj Kumar Singh, with key officials present.