Unitech, a reputed builder in NCR, has written an application to Noida Authority stating to surrender a part of land that was allotted to it for three residential projects in Noida. Unitech was allotted 466 acres out of which Unitech is looking forward to surrender 219 acres. The land allotted was located in sectors 98, 97, 96, 117 and 112 in 2007 for the residential projects costing around Rs.2,500 crore. As per the information from the officials, the developer has given an application which comes under the new initiative of UP government- Project Settlement Policy (PSP).
Project Settlement Policy is aimed at looking into the issues of the real estate sector of Greater Noida, Noida and Yamuna Expressway.
The allotment of plots in sectors 98, 97 and 96 (340 acres) was done at a rate of Rs. 11,520 per square meter. Whereas the plots in sector 113 and sector 117 (54 acres and 72 acres respectively) were allotted at the rate of Rs.17450 per square meter.
153 acres, 36 acres and 30 acres will be surrendered in sectors 98 to 96, sector 113 and sector 117, respectively.
The officials of Unitech have confirmed the submission of the application regarding the surrendering of land to Noida Authority and it is in process to be executed.
As per the Project Settlement Policy, 15% of the total money given to Noida Authority will also have to be surrendered by Unitech. Therefore, it will receive 85% value of the land at the current rate of allotment in the market. If the developer has any dues to be paid, they will become nil.