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Real Estate News Delhi Archives»
Greater Expectations: Real Estate in Noida, Greater Noida
If implemented, the Greater Noida Phase-II will impart a new momentum
to the development of the zone. Akash Vashishtha takes a look on the
current status, the opportunities and future of the region
The state government's plan of setting up Greater Noida
Phase-II is expected to boost the already high industrial character
of Greater Noida in
a big way. After the government cleared the proposal of Greater Noida-II,
the plan is now pending approval with the NCR Planning Board. The
government has also issued notification in this regard in early July,
last year.
The big plan
The Greater Noida Industrial Development Authority (GNIDA) is reportedly
conducting satellite surveillance of the whole area, the work of which
has been contracted to a Hyderabad based government undertaking. According
to GNIDA officials, the project is being designed by IIT Roorkee.
After the project is cleared by the NCR
Planning Board, the authority will start the process of land acquisitions.
A Special Economic Zone (SEZ) is also being planned on about 1000
hectares of land in the area. According to a senior GNIDA official,
while finalising the Master Plan for Greater Noida Phase-II, the defects
in the plans of Noida and Greater
Noida will be corrected and an over-hauled master plan would be
ready soon.
To link Noida and Greater Noida with Greater Noida Phase-II, the authority
has planned three railway overbridges. The locations of these bridges
would be finalised at the time of framing of the master plan.
Areas under phase-II
The Greater Noida Phase-II plan includes up to 189 villages of Gautam
Budh Nagar, Bulandshahr and Ghaziabad districts. Vandana Tripathi,
sub-divisional magistrate of Sikandrabad, of which sixteen villages
have been notified under the Phase-II, says: "The circle rates of
the area have increased in the wake of such a plan. The land of this
region is very valuable for industrial organisations. Besides, connectivity
with the NCR is further fuelling the land and property
prices in Greater Noida. The whole project will boost the economic
status of the region."
About the SEZ proposal, she says: "Greater Noida Phase-II might
be developed in SEZ purview. The authority is still collecting database
of the region."
Sikandrabad - High and Rising
Atar Singh Bhati, a local inhabitant and part time property dealer,
says: "A lot of industrial activity could be witnessed in this
region. And, many industries are coming to set up their plants here
in Sikandrabad."
While the town has about 100 medium and small scale industries (SSIs),
some of the big units, which grace the Sikandrabad's industrial
area include Kajaria Ceramics, Orient Ceramics, Suraj Vanaspati, Hi-Tech
Pipes, Bihar Tube-Pipes, Jagatjit, IPL and Hindustan Lever Limited.
Local villagers reveal that the Tata Group is also planning to set
up a huge plant in the Sikandrabad area. The Eastern Peripheral Expressway
is also expected to touch Sikandrabad, enhancing the development of
the whole region.
Land rates
While agricultural land in and around Sikandrabad, which would fall
under the Phase-II project, is hovering around Rs 500-600 per sq yd,
the rates fixed for the industrial land range from Rs 3000-3500/sq
yd. However, according to local villagers, the land sold to the private
developers is kept at a much higher price, usually between Rs 1200-1400
per sq yd. The reason being - the builders are always willing to buy
land at a higher price and the farmers too expect a good return out
of their agricultural land. The land in other stretches of the Greater
Noida Phase-II has, roughly, similar land tariffs.
The Mega Townships
With the already high industrial development in the region and the
area getting all the government's attention, the Greater Noida-II,
especially, the Sikandrabad region is expected to witness a massive
housing development ahead.
The Ansals Properties and Infrastructures (API) Ltd is coming up with
a mega township on the Hi-Tech lines, on 5000-acre-plot near Sikandrabad.
While in the first phase, about 2504 acres would be developed, nearly
2496 acres would come under construction in the second phase.
P N Mishra, executive director (Business Development) of API, says:
"We are in the process of acquisition. We already have 300 acres
in our possession. Earlier, while we had deposited about Rs 22 core
with the authority for land acquisition, we got 200 acres from the
farmers in accordance with the terms of a MoU signed between us and
the state government. The acquisition of the rest of the land is under
process."
"We were awarded the township by the state government in 2004
on the basis of our financial capacity and technical resources. In
between, the government amended its policy and for some reasons, we
faced problems. We approached the high court in 2006, which later
ruled that we were fit for the bid. In February 2006, when the area
was not part of Greater Noida, we got the plan and DPR approved by
the government. In June 2006, our Hi-Tech township was fully approved
by the government. Our project would now go as planned," declared
Mishra.
"While about 60,000 acres of land would be developed and a boundary
constructed over it by the GNIDA, nearly 5000 acres would be developed
exclusively by us," Mishra told.
According to Mishra,
the township would be an ideal settlement for the people and would
be a low-density, green area. The township would be have a "high employment
potential" zone, complete with 100% power back-up and would be self-sustaining.
The API would also develop a part of the National Highway-91 (G T
Road), and construct flyovers where necessary. With Ansals leading
the race, Parsvnath is also expected to set up a township in the area.
Planning Board conducting study
The planning board is reportedly conducting a feasibility study
on Greater Noida Phase-II. According to NCR Planning Board officials,
the requirement of phase-II is being studied. However, it is expected
to take some time for the development of Greater Noida till Jewar.
"Before finalising a plan, we take into account the density
of the population in that area, which is already high in and around
the NCR. Then, we see how many houses are located in that area,
which determines the need of setting up of the plan," said
a senior official of the planning board.
The name game
The state government had earlier announced the formation of Dadri
Industrial Development Authority (DIDA). Later, the name was changed
to Greater Noida Phase-II, said an official. This was reportedly
done keeping in mind the positive images of Noida and Greater Noida
and to attract greater investment in the area.
Besides industrial development, the Greater Noida Phase-II would
also witness residential, institutional and commercial development.
The authority would allot lands both for heavy enterprises as well
as small scale industries.
Phased development
While the first phase would focus mainly on industrial development,
the second phase would witness residential and institutional development.
The farmers whose land would be required would be compensated in
line with the Greater Noida rates.
Source: The Times Of India
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