The Ghaziabad Development Authority (GDA) has cleared a proposal to enhance Floor Area Ratio (FAR) alongside the Metro track in the district.
The board passed 15 other proposals as well. While briefing the media, GDA Vice Chairman Santosh Kumar Yadav said the Authority board has passed a proposal to enhance FAR from existing 33 per cent to 66 per cent alongside the two-and-a-half kilometre long Metro track from Anand Vihar to Vaishali.
The Metro was launched in 2011 but GDA incurred expenditure of Rs 300 crore plus on this project. Since then, over Rs 3,000 crore projects are ongoing by the Authority.
The Authority is in need of funds. So, it is exploring all possible areas as GDA plans to augment FAR.With introduction of this new rule, the developer would benefit by selling unutilised land and GDA itself would benefit by receiving the revenue, expected between Rs 100 crore and Rs 150 crore.
The Authority board has cleared the layout plans of townships. To strengthen its enforcement, GDA board has permitted one more vehicle to its police staff and altered the rule of buying the allotted staff house to its allottee.
To sell its properties at a high premium, GDA has passed a proposal of introducing a two-bid system in its auction. Until now, GDA was unable to fetch maximum price on its larger size plots in the absence of financially sound bidders.
Under the new two-bid system, bidders have to qualify for the technical bid before entering into a financial bid. Through this system, the Authority would fetch more money, added the VC.