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News Entry# 288365
Dec 12 2016 (10:45)  Greater Noida: properties along Metro links to become dearer (
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News Entry# 288365     
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Posted by: rdb*^  132881 news posts
Properties located along the two Metro routes in the city are set to become dearer. The Greater Noida Authority has started levying two per cent additional charge on property transfer if a flat, shop or plot is located along the routes.
Deepak Agarwal, the Chief Executive Officer of the Greater Noida Authority, told The Hindu that the cost would be increased on fresh allotments.
Cost higher for
“We will levy 10 per cent additional charge on new allotments made on either of the routes,” Mr. Agarwal said.
The proposal to hike fee was made at the authority’s board meeting held on October 21. It was then sent to the State government for final approval.
One of the Metro routes connects Greater Noida’s Delta with Noida Sector 71. Of the 30-km stretch, around 8 km falls in Greater Noida.
Work on this link is 60 per cent complete and it will be thrown open to the public by December 2017.
The other route that has been proposed will connect Greater Noida’s Knowledge Park-V with Noida Sector 71. Around 10 km of the 15-km stretch falls in Greater Noida.
“There are areas like Alpha-I, Alpha- II, Knowledge Park-II and Delta along the 30-km link. By charging additional fee along this route, we expect to earn around Rs.300 crore. In Greater Noida (west), where we will have 10 km of the link, we hope to earn around Rs.1,000 crore,” said Arvind Mohan, General Manager (Group Housing), Greater Noida Authority.
Revenues hit
Officials said demonetisation had hit property purchase in the city, thereby slowing down revenue collection for the authority.
“We hope that the exercise will help us in meeting the costs of the Metro projects,” added Mr. Agarwal.
(The writer is a freelance journalist)
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