As Realtors’ Dues Accumulate, Authorities Of Noida, Greater Noida Stay Away From New Projects

The CEO of Noida Authority has said that the authorities of Noida and Greater Noida will not be starting with any new project in infrastructure because of insufficient funds.

Two Metro projects were proposed in the twin cities which were also put on halt due to the same reason of insufficient funds. The CEO of Noida Authority has said that first the motive is to complete the projects that are on-going instead of getting involved with new ones. This is because the new projects which will be started and launched will have to be left in between.

As per the officials, the authority is seeking the outstanding dues from the realtors which come up to around Rs.20000 crore. If the realtors fail to pay the dues to both the authorities, they will be facing a hard time and no new projects will be taken up.

In the future also, new projects will be launched depending upon the availability of funds.
The Uttar Pradesh government in May 2013, under Akhilesh Yadav, had proposed a plan for a heliport to be developed in Greater Noida with a cost of around Rs.50 crore. In the same year, a plan for development of a convention center with an area of 31 acre was also proposed.

Then in the month of December, 2016, the 15km Metro project was given a nod by the state government, which will connect Knowledge Park V in Greater Noida and sector 71 in Noida. The metro link from sector 142 to Botanic Garden was also proposed by the Noida Authority. The cost of both these projects will cost over Rs.5000 crore.

Currently, the main objective of the authorities is to complete these two Metro links which are under construction.