Metro among slew of projects announced by three authorities

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Keelor, TNN | Feb 13, 2014, 05.02AM IS

NOIDA: Even as Noida, Greater Noida and Yamuna Expressway Industrial Development Authorities tabled their budgets on Wednesday, a slew of projects were announced in a joint board meeting. In an effort to provide connectivity, YEIDA cleared the tracks for a 20.6km Metro rail route between Greater Noida and Yamuna Expressway area. The proposed Metro track will run along the Yamuna Expressway between Pari Chowk in Greater Noida to Sector 22 in the YEIDA area. It will not only provide a fast link between the twin cities but also bring them closer to the national capital. The YEIDA will now ask Delhi Metro Rail Corporation (DMRC) to prepare a detailed project report (DPR) and feasibility report for the project. Officials said Rs 3,000 crore to Rs 3,500 crore has been allocated for the proposed Metro route. "The estimated cost for the proposed Noida-Greater Noida 30km Metro track will cost around Rs 175 crore km and YEIDA Metro could cost around Rs 3,500 crore," said P C Gupta, CEO, YEIDA. Now that the board has cleared the project, we will forward the proposal to DMRC to prepare a DPR and a Techno Economic Feasibility Report (TEFR)," Gupta added. "Once we receive the reports, we will start the project within six months," he said.

"Several housing schemes are also in the pipeline as we expect population to grow in Greater Noida and YEIDA after the Metro link starts," said Gupta. The joint board meeting also fast-tracked the proposed Metro routes in Noida and Greater Noida. "A presentation of the DPR and MOU of the Noida-Greater Noida track with DMRC was presented to the board for approval," said Rama Raman, chairperson of the three authorities. Amending the building bylaws, the joint board announced that landowners will either have to build properties on vacant plots or sell them to someone who plans to do the same, to avoid plots being confiscated in Noida. "Owners will now have to build on 100% area of the allowed Floor Area Ratio (FAR) of the plot instead of 50%," Raman said. "Violator will be served a notice and given a period of one year or face cancellation of allotment," he said. Having provided in-principle approval of mixed land use policy for specific areas within industrial and residential sectors in November 2013 and inviting suggestions and objections

for the proposal, the board has decided to incorporate and revise the earlier proposal. "As per the new proposal, allottees of residential and industrial property will be able to convert it into mixed land use by paying 25% of the cost difference between prevailing rates and the reserve price of the commercial rate of the area where the property is located," Raman said. "Land use norms will also allow banks and ATMs in industrial and residential sectors," he added.