Greater Noida Builders Face Potential 1% Project Cost Penalty for Water Extraction

16 Jul 2024 CW Team

In Greater Noida, over 35 builders are facing the possibility of paying a penalty equivalent to 1% of their project costs for unauthorised water extraction. This development underscores significant environmental compliance issues within the region's booming real estate sector.

The penalty imposition follows a directive from the Greater Noida Industrial Development Authority (GNIDA), aimed at curbing illegal water extraction and promoting sustainable water management practices. Builders found extracting water without requisite permissions risk facing financial penalties as part of efforts to preserve groundwater resources and ensure environmental sustainability.

Greater Noida's real estate market, known for its rapid urbanisation and infrastructural growth, faces increasing scrutiny over environmental impact and adherence to regulatory norms. The GNIDA's stringent measures signal a proactive approach towards enforcing environmental regulations and fostering responsible development practices among builders and developers.

Builders implicated in the water extraction controversy are urged to comply with regulatory requirements and obtain necessary permissions to mitigate environmental risks and legal repercussions. The enforcement of penalties serves as a deterrent against unauthorised resource utilisation and underscores the authorities' commitment to sustainable development in Greater Noida.

Overall, the imposition of penalties on builders for unauthorised water extraction reflects ongoing efforts to balance urban development with environmental conservation goals in Greater Noida. It underscores the imperative for builders to adopt eco-friendly practices and align with regulatory frameworks to ensure long-term sustainability and resilience in the real estate sector.

Infrastructure Urban

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