Noida Authority Hikes Land Compensation To Farmers, Flat Registry Scheme Soon

The Noida Authority on Wednesday announced an increase in the price of land purchased from farmers, going from Rs 5,060 per square metre to Rs 5,324 per square metre.

In order to assist homebuyers with the registry, the government also announced that it will introduce a plan to expedite the resettlement of dues in group housing developments and sports city plots. 

It also changed clauses relating to time extensions for developers of real estate to finish their projects.

The decisions were made at the 208th board meeting of the Noida Authority, which was presided over by Arvind Kumar, commissioner of the Uttar Pradesh Infrastructure and Industrial Development Department.

Ritu Maheshwari, the CEO of the Noida Authority and Rajshekhar, the managing director of the Uttar Pradesh Financial Corporation, were also present at the meeting.

According to the statement, the Noida Authority was purchasing property at a rate of Rs 5,060 per square metre based on a recorded sale deed, which was agreed upon by both farmers and developers. In the interest of the public, it was decided to raise it to Rs 5,324 per square metre.

The Noida Authority stated that the possibility of rescheduling would be introduced from 1 January 2023 to 31 March 2023 for depositing past dues for residential and sports city plots in Group Housing, Commercial Department in order to overcome the problems in the registry of flat owners.