Decision to reduce the budget might have been influenced by the curtailed spending in the past two years
The Noida Authority announced a budget of Rs 4,350 crore for 2018-19 on Thursday, which is a staggering Rs 3,720 crore less than last year's allocation of Rs 8,070 crore. The drastic reduction in the budget was announced by Alok Tandon, who is the chairman and chief executive officer of the 194th board meeting.
The budget allocation has been decreasing in the past three years. It was Rs 9,024 crore in 2016-17. The budget of 2017-18 saw a decrease of Rs 954 crore to Rs 8,070 crore. The decision to reduce the budget might have been influenced by the curtailed spending in the past two years.
While Rs 3,900 crore was spent in 2016-17 against the allocated Rs 9,024 crore, only Rs 3,500 crore was spent against the allocated Rs 8,070 crore in 2017-18.
Meanwhile, the Noida Authority has increased the one-time lease rent by 15 percent. This new lease rent will come into effect on August 1, 2018. Before this date, the applicant can deposit their lease rent at the previous rate which is 11 percent.
Among other announcements, the Authority will construct an elevated road over Shahdara drain starting from the Chilla regulator near Sector-14A to the master plan road-III near Mahamaya Flyover.
The length of this elevated road will be 5.54 km and the cost to build this elevated road is Rs 650 crore."Once complete, the elevated road will serve as a dedicated fast-access, a signal-free corridor for vehicles moving between Noida and Kalindi Kunj. It will significantly reduce the travel time between Delhi and Noida. The road will be constructed on stilts and each of the carriageways will be of three lanes on either side," said a Noida Authority official.
In case of renting of property, the authority has decided that commercial land (non-IT/ITES) can be rented out to two tenants from 500 sqm to 2,000 sqm. After the first 2000 sqm, the land can be rented out to only one tenant per 500 sqm. The Authority also set the guidelines for the paying guest policy and will take residents'feedback for the same and will then implement the new policy.
BUDGET CUTS
- The budget allocation has been decreasing in the past three years.
- It was Rs 9,024 cr in 2016-17. The budget of 2017-18 saw a decrease of Rs 954 cr to Rs 8,070 crore.
- Rs 3,500 cr was spent against the allocated Rs 8,070 cr in 2017-18.
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