Noida Authority Budget 2019-20: Infrastructure Gets Major Boost
The Noida Authority, in its 196th meeting, approved a Budget of Rs 5,827 crore for the financial year 2019-20, up from Rs 4,900 crore which was rolled out in the previous fiscal. The Budget, tabled by Noida Authority CEO Alok Tandon, allocated a major share to the ongoing civil works in the city.
Here are the key highlights of the Noida Authority’s Budget 2019-20.
The Authority earmarked Rs 1,069.50 crore for the construction of the Jewar International Airport. The allocated funds would be utilised for land acquisition and compensating the farmers. The Authority plans to send across a proposal to the Uttar Pradesh government to provide 10 per cent developed plots to farmers of up to 450 sq mt in size.
The state government and the Authority will also contribute Rs 1,500 crore each as their stake in the company that will supervise the airport project while the Greater Noida and the Yamuna Expressway authorities will have stakes worth Rs 500 crore each.
Civil and infrastructure works, which includes projects related to elevated roads, underpasses, etc., have bagged the lion’s share when it comes to funds. Civil projects were allotted Rs 1,474.74 crore while the water department received Rs 431.13 crore. The electrical department will given Rs 429.65 crore and the health department was allotted Rs 251.45 crore.
According to the Budget released, an underpass would also be constructed along the Faridabad-Noida-Ghaziabad Expressway near Behlolpur at a cost of Rs 30 crore. It would be a 600-metre long, four-lane facility to reduce the distance between Faridabad and Ghaziabad.
Additional parking space also received a mention in the Budget 2019-20. Sectors 1,3, 5, 16A and 38A will get to accommodate 10,000 more vehicles than its current capacity collectively within the next six months. More so, Sector 82 will get a city bus terminal, multipurpose indoor stadium will come up in Sector 21A while Sector 39 will see a district hospital.
The city authority also gave an in-principle approval to the floor-wise registration of flats, a move that would promote freehold system, providing every allottee full ownership of the property making sale and transfer easy. Officials have confirmed that the proposal has been sent to the state government for a final approval.
In some sectors specified by the Authority, the latter will also undertake regularisation of unauthorised encroachments after the residents pay a compounding fee set by the Authority.