Noida Extension projects get all clear

The NCR Planning Board finally approved Greater Noida’s Master Plan-2021 , clearing the way for resumption of construction in hundreds of housing projects in the city, including the Noida ‘Extension’ area.
The approval comes as a huge relief to lakhs of home buyers, particularly in projects floated in Noida Extension, and for real estate developers whose investments were locked up in these ventures. Construction had been halted in the area around a year ago, first due to litigation over compensation to farmers and then over approval of the master plan by NCRPB.
Late on Friday, NCRPB communicated its order to UP housing secretary S N Shukla. The letter says that the draft Master Plan for Greater Noida-2021, in compliance with the Allahabad high court order, had been “approved”. NCRPB secretary general Naini Jayaseelan wrote that the plan had been passed “through circulation of members” of the planning board.
Market watchers said the nod will lead to a major boost in economic activity in the region.
In its letter, the board has said the approval is subject to incorporation of certain conditions in the final master plan.
These include provision for regional rapid rail transport line, expressways and a mass transit system, besides maintaining a mandatory green cover and providing housing for economically weaker sections.
2.5 lakh residential units being made by around 25 builders in Noida Extension
2,000 hectares acquired by Greater Noida authority from 11 villages
Authority acquired land from farmers at Rs 880/ sqm and sold it to private developers at Rs 12,000/sqm
In Oct 2011, Allahabad HC ordered farmers’ compensation to be raised by 64%. Also asked the authority to incorporate the NCR planning board’s recommendations in its Master Plan 2021 before allowing any construction
On Friday, NCR board finally approved master plan, paving way for construction to resume .The revised plan has made a provision of keeping 16% of the urbanizable area as a green belt. Development in Greater Noida is better planned than other NCR cities like Gurgaon and Faridabad. The green belt will be conserved by the Authority and it cannot be converted or shifted.