New Delhi: The Greater Noida Authority has given green signal to construction work which had been stalled for the last 10 months due to farmers protest over the hike in their compensations.

After the approval of the Master Plan 2021 by the NCR Planning Board, the Greater Noida Authority filed affidavit in the Allahabad High Court. Following which, Chief Executive Officer Rama Raman gave permission to the builders for constructing the flats.

Despite getting nod from the authority, the builders could not start construction work on Monday.

The builders of Noida Extension on Monday held meeting with Rama Raman who permitted the former to start construction.

Raman directed the builders to complete the construction work of flats and hand over the possession to the flat owners at the earliest.

The farmers should be made partners in the development work added Raman. The builders should construct roads in the villages and set up ITIs added the CEO. For which the authority will provide the lands to the builders assured Raman.

The builders have been directed to make payment of dues. After getting installments from the builders and allottees, the 64.7 percent additional compensation will be paid to the farmers.

The old investors will not be required to make additional payment. They have to incur losses in the Noida Extension crisis therefore the builders are expected to look after their concerns.

The builders should consider not charging interest rates during the zero period' for paying installments. Amarpali Group’s Anil Sharma assured that additional money will not be charged from old investors.

The builders said that additional sum of Rs 1000 per feet can be charged from new investors.

The builders have started booking on the escalated rates.

Before the Noida Extension crisis, the builders had booked the flats at the rate of Rs 1800-2000 per square feet. The new rate has been raised to Rs 2500-3200 per sq feet.


Latest News from India News Desk