Real estate body urges UP govt to consider suggestions on charges, FAR

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Noida, Jul 15 (PTI) Real estate body NAREDCO urged the Uttar Pradesh government on Thursday for a withdrawal of commercial property transfer charges and a rollback of the increase in the one-time lease rent, among other issues.

The Uttar Pradesh chapter of the National Real Estate Development Council (NAREDCO) also sought a rollback of the increased purchasable FAR (floor-area ratio) charges being demanded by the Noida Authority, according to a statement.

The demands were put forth at a meeting of real estate developers with Uttar Pradesh Industrial and Infrastructure Development Commissioner Sanjiv Mittal, who is also the chairman of the Noida and the Greater Noida industrial development authorities.

'The developers urged the government to implement the suggestions made by them earlier at the meetings held in Noida on June 25 and subsequently, in Lucknow on July 2,' NAREDCO UP unit president R K Arora said.

'The main suggestions include withdrawal of commercial property transfer charges and rollback of increase in one-time lease rent and increased purchasable FAR charges being demanded by the Noida Authority,' he said in the statement.

'Further, the NAREDCO had also wanted withdrawal of time extension charges, relief of zero period and implementation of Supreme Court order to apply interest rate of SBIMCLR,' Arora added.

The meeting was attended by the CEOs of the Noida and the Greater Noida authorities.

Managing director of the Migsun Group Sunil Miglani and managing director of the Antriksh Group Rakesh Yadav were also present at the meeting among others.

The developers urged the government to make uniform rules for the Noida, Greater Noida and Yamuna Expressway authorities 'as all these authorities follow the same set of building regulations', the NAREDCO statement read.

All the points raised by the developers were discussed in detail and the authorities promised to consider each one of them, it added. PTI KIS RC

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