With an aim to restoring confidence of prospective buyers of homes in the Noida Extension area which hit headlines due to the land acquisition row, the Greater Noida Authority has decided to launch a mega-housing project this week. Authority plans to provide 3,000 flats on affordable prices to people of all categories.
The scheme will comprise nearly 3,000 flats — 96 HIG flats, 1,204 MIG, and 1,404 lIG, and 285 studio apartments. This will be the first-ever housing scheme of Greater Noida Authority for all types of families in Noida Extension. Authority officials believe that the proposed scheme will change the housing scenario in the area, resulting in its development.
According to senior officials of Greater Noida Authority, the HIG and MIG flats will be built on 150.26 and 104.70 square metre respectively, while the area of lIG flats and studio apartments will be 70.40 and 60.45 square metres respectively. Authority has decided to fix Rs 69.5 lakh for HIG flats, Rs 38.92 lakh for MIG flats, Rs 25.72 lakh for lIG flats and Rs 23.5 lakh for studio apartments.
A senior official said that after finalising the sites, they have started the process of acquiring land from farmers in Sector 12 of Greater Noida West and Sector 1 of Omicron. “The sites have been identified and the rates of the flats have been fixed. We have planned to construct 12 to15-storey buildings, besides developing civic infrastructure in the region. The construction work is likely to start before December and the project is expected to be completed within two years,” said the official.
Harish Verma, Additional CEO of Greater Noida Authority, said all formalities have been completed and the scheme will be announced by the first week of September. “The move is expected to attract the prospective buyers who want their own homes on cheaper rates in the NCR region. Apart from this, the proposed decision will also attract buyers and investors for other projects in Greater Noida West,” said Verma.
The new housing scheme also assumes significance as this would encourage several other developers who had stalled their projects in the region following the land acquisition row. Further, the Greater Noida’s Master Plan-2021 has been approved by the NCR Planning Board, clearing the way for resumption of construction of hundreds of housing projects halted in the area around a year ago, first due to litigation over compensation to farmers and then over approval of the master plan by NCRPB.
“Considering the recently proposed Metro link and the existing connectivity with the adjoining areas like Noida and Greater Noida, home buyers have sensed the increased growth and development potential in the area. The area has gained back the faith of buyers as several other developers are already contemplating new launches in the area. They have started showing interest in the area again,” officials added.