Noida, Greater Noida Discuss Industrial Plot Allocation

The officials in Noida and Greater Noida convened a hurriedly organized online board meeting to review strategies for allotting industrial plots. The CEOs of the two bodies, the Lucknow Industrial Development Commissioner, and other top officials attended the hour-long meeting.The board discussed plots that could be assigned by a lottery and interviews. The move comes a few months after the two administrations voted in their board meetings to abandon the e-auction of plots in order to increase transparency.The discussion was conducted to discuss plot allocation parameters. Plots in phases 2 and 3 of Noida, for example, would be assigned through a draw, whereas those in phase 1 would be done through an e-auction. Officials stated that they used an e-auction for Phase 1 because there were fewer plots available.For registration, applicants must pay 10% of the entire price up ahead. Those enrolling for large plots over 4,000sqm can only apply once. The plots will range in size from 250 to 4,000 square meters.Applicants will be able to pay the total fee in one lump sum within 90 days after getting the allotment letter. They will receive a 2% discount on the premium amount.Others can pay half of the total premium in 60 days and the rest in six half-yearly instalments over three years, plus interest.The premium for each plot shall be calculated in accordance with the sector's authorized allotment rate. If the funds are not received on time, the allotment may be terminated. The registration fee, or 10% of the total, would be seized.Applicants for plots greater than 4,000sqm must attend an interview. A list of 12 objectives would be assessed, including financial capabilities, anticipated investment, and technical experience. The cut-off point has remained at 65% of the criterion.Noida Authority CEO Lokesh M stated that a policy would be issued soon to formalize the decisions made during the meeting.