NOIDA: The Greater Noida Industrial Development Authority (GNIDA), in its 115th Board meeting on Thursday, approved a policy for the conversion of land use of IT/ITES plots to enable industrial use.
Once approved by the government of Uttar Pradesh, owners of institutional plots will be allowed to use their plots for industrial purposes. The move comes following several representations to the GNIDA from entrepreneurs battling perceived economic slowdown and being unable to sustain IT/ITES activities in Greater Noida.
According to GNIDA officials, the change in land use will remain in effect till March 31, 2020. The approval from the Board also comes with riders. One is that plot owners, who want to convert their IT/ITES plots—which fall in the institutional category—to industrial use, will have to pay a conversion fee amounting to 1% of the prevailing industrial land rates at the time of the conversion application.
Second, the applicants will also have to deposit a processing fee of R50,000. The conversion fees will be non-refundable and non-adjustable.
The ground coverage, floor area ratio (FAR), setback and height of the buildings constructed on the plot will be in accordance with GNIDA norms for industrial use. It will be mandatory for industries that will be established on these converted plots to be non-polluting besides having electronic manufacturing facilities.
The GNIDA Board also reviewed its land allotment rates at the meeting.
Speaking about the commercial rates, the Board pointed out that the commercial land rates were extremely high in the region, even higher than market rates. The Board suggested that market value of land in Greater Noida be studied along with circle rates and a report be submitted to review revision of land allotment rates.
The Board also approved the allotment of 100 acres of land for setting up a National Police University in Greater Noida, The land for the proposal has been earmarked in Techzone-5 located in the city’s Knowledge Park-5 area.