GNIDA doubles budget to Rs 3600cr this year to attract investment

Greater Noida: The Greater Noida Industrial Development Authority (GNIDA) has rationalised its annual budget to a little over Rs 3,600 crore this financial year, while taking multiple decisions to boost investment. In fact, this year’s budget has been more than doubled than the revised budget of Rs 1,745 crore in the last fiscal, which was the actual amount spent by the Greater Noida Authority on various projects in 2017-18.

Last year’s proposed budget was actually Rs 6,443 crore. Allocating a total budget of Rs 3,639.40 crore for 2018-19, the GNIDA has set aside Rs 135 crore for the Noida-Greater Noida metro line and Rs 100 crore for the Jewar International Airport project. Similarly, it has allotted Rs 300 crore for the development of inner and outer areas of GNIDA and Rs 372 crore for infrastructure development.

GNIDA has also allocated Rs 358 crore for special projects and Rs 20 crore for developing horticulture. Likewise, Rs 184 crore has been earmarked for rural development and Rs 267. 70 crore for the upkeep of the Greater Noida city area.

With the markets facing a slump, the GNIDA has decided to keep the land allotment rates same as 2017-18.

“The land rates will be same as that of the last financial year,” UP chief secretary Anup Chandra Pandey, who is also the Authority chairman, said after the budget was passed on Saturday.

The GNIDA had last raised land rates on April 01, 2015, in a range of 4% to 49% depending on the category of land. There was no change in rates in 2017.

The Authority has also increased the time-frame for the completion of industrial plots of different sizes in case they are not completed on time, with an aim to woo potential investors.

While the time period for completion of 250-2,000 sq m industrial plots has been increased to 24 months from the date of the lease deed, that for 2,000-10,000 sq m has been increased to 36 months while that for plots over 10,000 sq m has been increased to 48 months from the date of lease deed.

Further, in a relief to the industrial allottees who have invested in Sector Ecotech -11, a two-year grace period for the implementation of the project will be given to them during which they will not have to pay anything to GNIDA.

This time-frame will depend on when they get their lease deed executed.

Those allottees who get their plots registered by September 30 this year, will be given a two-year grace period from that date while for those who have got them registered before January 31, 2018, the grace period will start from that date.

The GNIDA has also allocated a sum of Rs 6 crore for building toilets in rural areas under its jurisdiction.

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