The 192th meeting was chaired by Uttar Pradesh principal secretary (industrial) Alok Sinha.
After the change in regime in Uttar Pradesh, Noida Authority's first board meeting took place on Friday in which many decisions to promote industrialisation and control unwanted expenses were taken.
The board changed the controversial land allotment policy which was implemented during the BSP's regime which had brought Noida Authority under huge financial burden. However, there were no measures announced to provide any relief to home buyers and developers in the meeting.
The 192th meeting was chaired by Uttar Pradesh principal secretary (industrial) Alok Sinha. Till 2006, there was 40 percent (10 percent reserved money and 30 percent allotment money) of the total cost of the land was charged by Noida Authority as per the policy.
But later the BSP government changed the policy. BSP's regime policy benefitted allottees by allowing them to deposit only 10 percent of the total cost of the land (5 percent reserved money and 5 percent allotment money) while 90 percent of the amount they had to pay in 16 years half yearly instalments. During this period many developers cropped up and came up with their projects without the necessary experience.
Coming back to the meeting, the board also announced the board approved a new industrial policy, which allows the allottee to deposit 20 percent (10 percent registration money and 10 percent allotment money) and rest 80 percent can be deposited in 10 year instalments. This was done in a bid to encourage industrialisation in the area.
Finally, the board chairperson also called for stringent action on land encroachers and penalise officers who are not initiating action against the land grabbers. He also asked civic authorities to step up municipal work in Noida.
Old policy changed
The board approved a new industrial policy, which allows the allottee to deposit 20 per cent money (10 per cent registration 10 per cent allotment money) and rest 80 per cent can be deposited in 10 year instalments
The chairperson also called for stringent action on land encroachers
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