Noida: The oldest federation of Noida- CONRWA has written a letter to the CEO, highlighting the delay in converting Noida’s residential land from leasehold to freehold after the in-principle approval in the board meeting.
PS Jain, President, Conrwa says, ” I want to inform you whether the Authority Board has no importance in Noida Development Authority? In the 195th board meeting dated 01.11.2018, Noida Authority had agreed in principle and decided to send the board’s proposal to the government that Noida’s land should be converted from leasehold to freehold.“
He continues, “About transforming the residential land property of Noida Authority from leasehold to freehold, a committee was constituted under the chairmanship of Additional Chief Executive Officer by office order number Noida/VIN/2018/2693 dated 10.10.2018 in which Chief Legal Advisor, Finance Controller, Special Executive Officer, Deputy General Manager Planning and representative of M/s E & Y Company were nominated as members. The committee had recommended in its meeting, keeping this in view, a proposal was put in the board meeting that a detailed report was asked to be prepared regarding converting the residential land plots into the freehold.“
PS Jain informs further, ” The committee discussed in detail the possible benefits and possible losses to the authority on making it freehold and the steps to be taken to compensate for the loss and other topics and as a conclusion, the committee recommended converting the leasehold to freehold. Which it was said that as per the income received in the last three financial years, the average income of the Authority from the assets of residential plots has been Rs. 81.58 crores. The details of the current source of income of the Authority on converting the assets of residential plots from leasehold to freehold have also been given.”
A fund will be created from the amount received in the short term on converting the assets of residential plots from leasehold to freehold, which will be invested or a source of recurring income (RRI) will be created by receiving interest on it.”
Based on this recommendation of the committee, this proposal was put forward in the 195th board meeting chaired by Alok Tandon, the then Chairman and Chief Executive Officer on 01.11.2018 and after detailed discussion by the Board of Directors in the meeting, in-principle consent was given to convert the land of Noida from leasehold to freehold and it was decided to send the proposal to the government with the recommendation.
The then Chief Executive Officer was authorized to send the proposal to the government which was sent by him with letter number Noida/Abhoomi/2018/7075 dated 26.11.2018.
PS Jain, President, Conrwa requests, “Sir, please give information regarding further action in this regard and also please tell by when the land of Noida will be made freehold by the Authority even when the decision of the board was taken on 01.11.2018.”
All the above information has been obtained from the Authority through RTI.