Noida and Greater Noida authorities have created a dedicated fund with an initial deposit of Rs 500 crore for development of infrastructure for various transport projects including that for metro rail.
The decision for creation of the fund was approved at the 180th meeting of the Noida Board today.
"Noida and Greater Noida authorities will initially deposit Rs 500 crore in the fund. This fund will be utilised to develop infrastructure for transport projects including the metro rail project," Noida Authority Chairman Rama Raman said.
In other significant decisions, the board has approved mixed land use as per the Master Plan 2031 at certain areas fulfilling the necessary criteria.
Under the scheme, plots located on 24 meters or more wide road will get permission for mixed land use in industrial and residential sectors, sources said.
For running guest houses on residential premises, one will have to pay 50 percent of the difference of residential plot allotment rate and commercial reserved price in that sector, the sources said.
Similar rules have been framed for auto showrooms and other commercial activities.
Raman said now builders will not be able to cheat the buyers as board has given approval for implementation of Uttar Pradesh Apartment Act, 2010.
The board has also given approval for payment of hiked compensation of 64.7 percent to acquisitions between March 30, 2002 and March 17, 2009.
"Further, as per agreed terms authority will give 5 percent developed land too to those farmers whose land was acquired," Raman said.
The Noida Authority Chairman said that the project for Rs 26.85 crore Intelligent Traffic Management System on the Noida-Greater Noida Expressway has also been approved.
"The board has also approved that mobile towers will be shifted to green belt areas," he said.
Approval for three bridges to be developed over River Yamuna has also been given, Raman said.
Projects for good quality water supply to residents and construction of 400 KV power sub-stations were among other decisions taken by the board in the meeting.
