12,000 affordable new flats at Greater Noida, Yamuna e-way

With aim to promote affordable housing, the Greater Noida and Yamuna Expressway authorities will develop 12,000 flats in the next couple of years. Land has been identified for the project and on Thursday a layout plan was sanctioned by the authorities.

A total of 7,000 flats in Greater Noida and 5,000 flats in Yamuna Expressway will be developed. "We have identified Sector Mu-2 and Sector 10 in Greater Noida for the project while in Yamuna Expressway, the flats will be developed in sector 18," said a senior official.

The fast pace of work shows the Authority's seriousness on the project. Land was earmarked and approved in the board meeting on January 11 and in just 13 days the layout plan of the project was duly sanctioned. "We are committed to develop these flats as soon as possible," an official said.

Elaborating the features of the flats, the official said these will be one-bedroom units and four storeys high. "The blocks will be spread on a campus equipped with state-of-the-art infrastructure including a community centre, shopping complex, kiosks, schools, nursing homes, playground and parks," the official said, adding that special care will be taken to provide for ample parking space and planned greenery on the campus.

"There will be no need of painting the building. Keeping the increasing number of vehicles in the city, there is also a provision of garages in the project," the official said.

The entire project costs Rs 150 crore. Each flat will be priced between Rs 6.5 lakh and Rs 8 lakh. "In the Greater Noida project, the cost of a ground floor flat is Rs 8 lakh while a third floor flat costs Rs 7.5 lakh. In the Yamuna Expressway project, cost of a ground floor flat is Rs 6.5 lakh while a third floor flat costs Rs 6 lakh. Banks are ready to sanction loan up to 90 per cent of the total cost of the flat but we are in talks to finance flat 100 per cent," the official said.

Source (Purusharth Aradhak, The Times of India, 25 Jan 2013) : "12,000 affordable new flats at Greater Noida, Yamuna e-way."