Noida: shows that “intentional allotment” made based on the institutional category to the company’s office resulted in a loss of RS 3,032 Crore to Noida authorities, CAG has asked the government to take action that is exemplary against officials against officials.
In his report, CAG said the authority was demonstrated land for commercial offices under the institutional category, so as to provide an undue great advantage of a lower rate of allotment (commercial land allotment prices were four to 11 times the institutional price).
Noida Regulation (Preparation and Finalization of Plans), 1991 defines institutional use as “the use of every land / building or its part to carry out activities such as testing, research, demonstrations for public improvement and include educational institutions”.
According to the definition of land use places / activities under the 2031 parent plan, the company’s office is defined as “a premise used for commercial formation, profit-making organizations and other institutions”.
According to Noida authorities, plots for corporate offices are categorized by commercial categories.
However, openly ignoring all rules and regulations, the authority reported 202 plots for the company offices under the institutional category in two open schemes, in 2008 and 2010.
CAG said the tariff for institutional categories in these cases ranged from Rs 7,800 per meter Square to Rs 22,464 per square meter while the appropriate level under the commercial category ranges from Rs 61,000 per square meter to Rs 99,000 per square meter.
The report said the allotment of the area of ​​4.25,100 square meters made in two schemes from October 2008 to August 2012 with a lower level of institutional categories resulted in the loss of Rs 3,031.8 Crore to the Noida Authority.
CAG said information obtained from the company registrar (ROC) confirmed that of the 202 entities to whom the plot was allocated for the company office, only 145 companies found registered.
Furthermore, this allotment is based on interviews that are in accordance with broad wisdom in the plot.
In addition, due to a lack of interest rates recovery, not only the noida authority was de-preving income, but also resulted in a brief retribution of the number of stamp duty to Rs 151.6 Crore on the ration.