Noida Authority announces Rs 5,827-crore budget for 2019-20

The Noida Authority has announced a budget of Rs 5,827 crores for 2019-20 and allocated Rs 1,069.50 crores for land acquisition and compensation for the Jewar international airport

The Noida Authority, on March 1, 2019, announced its annual budget for 2019-20 at Rs 5,827 crores, up from last fiscal’s Rs 4,900 crores. The Authority also announced releasing its share in the funding for the upcoming international airport at Jewar, according to an official statement released after its 196th board meeting. “The board has also approved the proposal for providing 10-per cent developed plots, maximum to the size of 450 sq metres, to farmers. We will send the proposal to the government for its final approval,” the official added. “The authority has given an in-principle approval for releasing funds of Rs 1,069.50 crores, for the construction of the Noida International Green Field Airport at Jewar. The funds will be used for land acquisition and providing compensation to farmers, the lands of whom have been acquired by the Authority for construction of the airport project,” it said.

See also: Noida land acquisition protest: Farmers launch indefinite fast

The Uttar Pradesh government and the Noida Authority will contribute Rs 1,500 crore each as their stake in a company, which has been chosen to supervise the airport project, while the Greater Noida and the Yamuna Expressway authorities will stake Rs 500 crores each as their contribution in the project.

The board has also given its in-principle approval to allow floor-wise sale and purchase of residential buildings in Noida and the matter has been referred to the state government for its permission, according to the statement. During the meeting, the board also decided to implement a reschedule policy of debts on the builders, in a bid to overcome the issues between builders and home buyers, it said. The Authority said it will bear electricity costs for running fully-automatic compost machines – 50 per cent cost in the first year and 25 per cent in the second year.

Was this article useful?
  • 😃 (0)
  • 😐 (0)
  • 😔 (0)