Ghaziabad: GDA council on Thursday cleaned the authority proposal to develop 650 hectares of land along the stretch of Guldhar and Duhai from the corridor of the Rapid Rapid Raillal (RRTS) transit system as a special area development zone (Sena).
The council also gave a nod to freeze the interest rate in the GDA area such as Madhuban Bapudham and Indraprastha until March 2022 to make the same compatible with a level of circle.
“The council has made it easier for proposals to develop a total of 650 hectares as Sada.
Along the RRT corridor in Guldhar, we have identified 450 hectares of land and 200 hectares in Duhai, which will be developed as Sada,” said a senior official GDA to Ti.
“The new Sada is notified will assimilate in the 2031 parent plan,” he added.
Under Sada, this area will be developed as a housing, commercial and industrial hub, which will benefit from its proximity to the RRTS corridor.
The existing floor area ratio (far) as long as this stretch is 1.5 but after the zone declaration, it is expected to rise to five.
And this will help GDA realize around RS 500 Crore income from a seller agent, to fulfill a small portion of the Government Share of Uttar Pradesh by Rs 6,500 Crore for RS 30,724 Crore RRTs Project, according to officials.
As many as 18 proposals were placed before the board, where 11 was approved.
Apart from Sada, another major proposal that gets the nod of the council is a plan of authority to freeze interest rates in areas such as Madhuban Bapudham, Koyal Enclave, Swarnjyantipuram, Govindpuram and Indraprastha until March 2022.
It aims to make this sector interest rate compatible with the level circle.
GDA has not raised interest rates in the past five years.
“The council has a nod to freeze the sector tariff in Madhuban Bapudham, Koyal Enclave, Swarnjyantipuram, Govindpuram, Indraprastha because it is felt that the level of the GDA sector is not compatible with a circle level,” said a GDA official.
“Because of the high level of sector, an estimated 658 GDA property worth 1,600 crore rs in this area still not sold.
The decision will help buyers woo.”