The spectacular return of Mulayam Singh Yadav at the helm of Uttar Pradesh is haunting most developers, builders and buyers of apartments in Noida, Greater Noida and Yamuna Expressway, a hub of affordable housing in the NCR.
Most of them believe tough times are round the corner. They expect a backlash from the new government, as Mayawati had an emotional connect with the area. Her ancestral village is in Badalpur in Greater Noida and she also braved the Noida jinx — any CM who visits Noida is bound to lose the job goes the belief.
Buyers of property in Noida Extension, in particular, are a worried lot. However, some builders feel that with the rise of Akhilesh Yadav, son of Samajwadi Party chief Mulayam Singh and the young face of the party, as the second most powerful leader in the party, may change the equation this time. Akhilesh’s stated determination for development of the region, realtors feel, may bring some solace to the construction industry.
Noida and Greater Noida have a unique model to develop townships in the country. In Noida and Greater Noida, it is the authority which acquires land, develops infrastructure and then sells it to developers through auctions. Because of this model, it has been found that these townships have world-class infrastructure, which will help the country in attracting foreign investments.
Stakeholders like developers and buyers feel that, ultimately, growth and development are key to solve the problem of unemployment. The most heartening thing is that Noida and Greater Noida do not require any financial help from the exchequer for their development.
The authority raises funds from end users to develop and maintain the area. The only thing that the townships require from the government is the maintenance of law and order, which is paramount for doing business.
Akhilesh’s promise to maintain law and order in the state augurs well for the growth of commercial activities in Noida and Greater Noida.
However, the issues related to land acquisition have not been completely resolved yet. The UP state government has already approved the development plan of Noida Extension and forwarded it to the NCR Planning Board according to the direction of the Allahabad high court.
The developers’ community hopes that the UP government would not change its stand on the issue, as the entire plan was approved by the Greater Noida Authority, which is also a government body.
Also, the authority has already settled the compensation with the farmers, on the high court’s orders. The issue of land acquisition is not likely to be raked again. Therefore, buyers and developers should not be apprehensive about any further delay in starting the construction of condominiums in the area. Developers feel that the NCR Planning Board is likely to give its go ahead by the end of March.
The Mayawati government was censured by the judiciary for the manner in which it acquired around 3,000 acres of land in Noida Extension. But her policy to increase the floor area ratio and the number of units that can be built on the given land enabled developer to sell flats in the affordable price range of Rs 10-20 lakh. Around 50,000 apartments have already been sold.
A total of around 2,00,000 flats are to be built in the area.
Following a series of court judgments, the authority settled with the farmers and paid an additional amount, almost 50% of the original price. But some of the farmers have now gone to the Supreme Court, though the majority has agreed to accept the new compensation package.
There are other pressing issues which require the state government’s support for the development of the region. The commissioning of Yamuna Expressway and the permission to construct an airport at Jewar are two issues which are directly linked with the development of Noida and Greater Noida. If the state government wants growth in the region, it must extend support for these projects.
Source – TOI