Noida: How long does it take to determine the pricing mechanism for the assets they have? For Noida authorities, 45 years are not enough.
The Planning and Development Agency of the scale and responsibility has not formulated the standard guidelines for determining the price of allotment for the land, General Regulators and Auditors (CAG) said in the reporting report of its performance submitted in the Uttar Pradesh Assembly on Friday.
Year-years, the central auditor found, land prices while the launch scheme was repaired in an arbitrary way without considering input costs, which is the principle of basic operations.
Due to this basic weakness, land under various categories such as housing, group housing, commercial and institutional allocated at the sub-par price, resulting in revenue losses for noida authorities and state governments because allottes pay lower customs when running a deed rental, said That report.
Loss Amount of RS 16K CR: CAG CAG has estimated the potential loss in the RS 16,245 Crore tone to Noida authority books and 5% of the value (RS 812 Crore) towards stamp duty.
Highlighting several anomalies, auditors feel the level of land reserves deliberately dibahbur, translated into profits for all, especially real estate developers who have a group housing plot.
The central auditor also notes that the authority of Noida allows exploitation of higher areas in group housing and commercial plots by increasing the ratio of floor areas (far) and land coverage but not looking for additional land premiums from allottys even though there is a large increase in the form of an increase in components.
The audit report summarizes the functions of the Noida Authority for 13 years between 2005 and 2018.
It is the first comprehensive performance assessment.
At present, noida authorities have different levels for various real estate categories.
The city has been lying in 168 sectors, which comes under five zones by becoming the most premium and the most not developed.
Every year, Noida authorities improve the base level or reserve level of a sector based on the use of permitted plots, offered through auction to the highest bidder.
However, over the years, there is no consistency in this way this price has been established, increasing and decreasing.
CAG evaluates various components of costs outside the cost of land acquisition to check how the authority determines the final price before it arrives on the conclusion that the exercise is arbitrary.
The findings revealed systemic deficiency, a reduction that did not stand out in tariffs and enabled increased land exploitation (through a remote and land coverage increase) at a lower price, among other inconsistencies.
Decisions about prices are taken on the concept of fuzzy past practices.
“There is no manual or laid-down procedure to be included or removed from the head of expenditure and the way the expenditure is calculated,” said the CAG report.
Noida Authority also fails to produce any formal documents used to calculate category-wise or sector interest rates.
Maheshwari’s rituation, CEO Noida at this time, told TII agent consultant costs have been engaged about a month ago.
“They will frame the guidelines.
It will take two to three months to implement it and the procedure will be followed in the upcoming allotment scheme,” Maheshwari said.
The audit team found several anomalies in the noida authority response to the subject and procedures followed.
Although the authority said it went with demand and supply scenarios when revising prices every year, besides many other factors, noticed that prices were not revised during 2009-10 under any category.
The reason assigned is a global recession.
It was during the same period with most of the group housing plots allocated for builders.
Without receiving the approval of the state government, Noida authorities increased remote and land coverage (GC) in March 2011 for group housing and commercial plots.
Far increased by 100% to 150% and GC by 10% to 15%.
But the rate of allotment does not increase proportionally.
Fixation level on the bottom side causes the dent of RS 14,000 Crore to the authority, of the total loss of Rs 16,245 Crore, Estimated CAG.
The authority continued the benefits of a lower price regime to 55 group housing projects and up to 20 large ticket commercial projects, CAG noted.
CAG: There is no fixed policy about the price of land noida
