Biggest budget pie for infra projects

Delhi/NCR
The Noida and Greater Noida authorities tabled their annual budget for the financial year 2015-16 on February 4. It amounted to a total of Rs 15,8881 crore. Rama Raman, chairperson of the three GB Nagar authorities, earmarked Rs 8,887 crore for Noida, while Rs 6,994 crore was allocated to Greater Noida Authority.

With an aim to develop both Noida and Greater Noida as major infrastructure hubs - on a par with all major cities in the country - the two authorities announced their decision to allocate a large chunk of their budget to various development projects.

While Noida has kept aside Rs 1,300 crore for Metro corridors, another Rs 1,000 crore will be spent on development projects. A total of Rs 240 crore will be used to build elevated roads, flyovers and underpasses in Noida, as well as on the construction of a Rs 85-crore multi-level parking lot.

Having decided to develop a residential facility for the elderly in the city, 7 acres has been earmarked for the proposed project in Noida's Sector 108. "There are several senior citizens who are financially sound, but live alone and vulnerable. They need to live in a secure environment, which is what we aim to provide," said Rama Raman, chairperson, Noida, Greater Noida and Yamuna Expressway Authorities. "The home will also cater to orphans," he added. The construction of a mega convention facility, on the lines of Delhi's India Habitat Centre at Rs 100 crore, is also going to be a reality in Noida.

In Greater Noida, while a major portion of the budget, Rs 3,300 crore, has been allocated for land acquisition, Rs 300 crore has been assigned for Metro connectivity. Other developmental projects will come at a cost of nearly Rs 600 crore.. "We have budgeted Rs 25 crore for the night safari project, while a convention center, the Ganga Jal project, Heliport, and medical university will have a budget of about Rs 334 crore," Raman said. Internal and peripheral development, besides urban services have been allotted Rs 685 crore for Greater Noida.

Giving a push to Metro connectivity, Noida has doubled its dedicated urban transport fund. "This has been enhanced to Rs 1,000 crore," Raman said. "The rates for the Metro route between Botanical Garden and Kalindi Kunj has also been revised to Rs 1,026 from Rs 854, while the Metro corridor between City Center and Sector 62 will come at a cost of Rs 1,994 instead of Rs 1,807," Raman said.

Source:http://content.magicbricks.com/industry-news/delhi-ncr-real-estate-news/biggest-budget-pie-for-infra-projects/80297.html