Cash Strapped Authorities Announce There Will Be No Major New Projects in Noida

There will be a fall in the number of New project in Noida and greater Noida, projects related to infrastructure will be fewer in number because the Noida and Greater Noida Authorities have both stated that they have insufficient funds to undertake large scale development. Both authorities have stated that they are owed dues amounting to twenty thousand crores from realtors in both regions of Noida. The authority CEO has stated that projects that had been planned, including a heliport and a Convention Center will be difficult to undertake because of a shortage of funds.

The CEO of the Noida Authority had earlier put two proposed metro projects in the Twin Cities on hold last week because he had insufficient funds to complete the projects. Rather than taking on even more projects in Noida, the authorities goal, according to the CEO will be to ensure the timely completion of ongoing projects.

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A Severe Lack of Bandwidth

The resources of the Noida and Greater Noida Authorities are stretched, according to senior officials from both authorities. A primary reason for this lack of bandwidth is the sum owned to the authorities amounting to 20,000 crores by realtors who have projects in the Twin Cities. Explaining how dire the circumstance are, officials from both authorities stated that in case they are unable to recover the dues from realtors, there will be nothing short of a crisis in the near future. The situation is all the more dire because both authorities have let realtors borrow funds in the form of loans from the city authorities.

Unable to Finish What's Started

Officials from both Noida Authorities have stated that they do not wish to begin projects that they know they will be unable to finish because they may run out of funds. The CEO of the authorities has stated that until more funding is available, the authority will not commence work on any new projects. How the authority will collect their outstanding dues and loans from Realestate developers in Noida is a matter of different concern

Projects On Which Work Will Continue

While it's true that Noida Authorities will not begin any large major projects, work will continue on two major projects, namely one metro link that will connect Noida with Greater Noida. The length of this Metrolink is just shy of thirty kilometers. Work will also continue on another 6.8 kilometer long link that will connect the City Center to Sector 62. The best property in Noida, in the vicinity of the metro stations along the mentioned and yet to be completed links, might yet continue unmolested its appreciation in value.