Greater Noida Approves Master Plan 2041, City Expands By 40,000 Hectares

Greater Noida Approves Master Plan 2041, City Expands By 40,000 Hectares

The Master Plan 2041 was approved by the Greater Noida Industrial Development Authority (GNIDA), opening the path for this satellite town near Delhi to continue to expand.

The master plan calls for the purchase of 40,000 hectares of land for the growth and development of Greater Noida. Greater Noida currently covers 31,733 hectares. After the master plan is implemented, the city will encroach on almost 71,733 hectares.

Stuck Real Estate Projects

The Amitabh Kant committee report on stalled housing projects, which offers ways for their resurrection in order to provide relief to about 2 lakh homebuyers, was also discussed at the board meeting, according to officials present. The board has not yet made a decision about these proposals, nevertheless.

We have talked about the Kant-panel report. However, the Noida Authority and the Yamuna Expressway Industrial Development Authority (YEIDA) must first discuss a matter before a decision is made.

Policies and remedies should be similar because real estate-related concerns are similar in GNIDA, NOIDA, and YEIDA. The panel headed by Kant, the former CEO of NITI Aayog and India’s G20 Sherpa, has suggested a ban on the payment of builders’ taxes to the government.

With the caveat that the developers will pay their debts gradually, this would improve the financial situation of builders and assist them in finishing home projects that are behind schedule or stopped. The group also recommended charging a reasonable interest rate and putting the emphasis on finishing the projects.

2041 Master Plan

The Master Plan 2041 will act as a development roadmap for Greater Noida’s second phase and will encourage industrial growth in the area. In addition, land has been suggested for transit, institutional usage, greenery, mixed-use (commercial and residential), and residential development.

According to officials, Greater Noida’s land bank was steadily shrinking and more land was needed for the expansion of industrial projects; as a result, it was decided to purchase additional property from farmers for the second phase.

Officials stated that after the Noida International Airport in Jewar gets operational in 2024, the demand for land is projected to increase much further.

Source- Hindustan Tmes

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