Noida News: Noida Authority Planning Affordable Housing Scheme for Middle-Income Residents

Noida News: Amidst an influx of people from other states and districts into the dream city of Noida, residents find it daunting to consider purchasing homes due to soaring prices. Responding to this, the Noida Authority has initiated plans to provide affordable and quality flats for middle and low-income groups, a move unseen in the city for the past 10-12 years. This scheme aims to assist middle-income individuals in realizing their dream of owning a home.

Noida Authority Planning Affordable Housing Scheme for Middle-Income Residents

According to officials of the Noida Authority, by incorporating the compensation amount given in exchange for land acquisition along with construction costs, the rates of flats could significantly decrease. These flats are expected to be priced around 40 lakh rupees. The initial phase of the plan involves constructing approximately a thousand flats, with considerations for conducting a lucky draw for their allocation.

If implemented, this scheme will undoubtedly prove to be a boon for the middle-income group, facilitating their access to affordable housing in Noida.

Buzz Surrounding Group Housing Projects

Noida city has been abuzz with discussions regarding group housing projects for almost a decade now. Around 2007-08, the Noida Authority began allocating land parcels to builders for such projects. These projects typically comprise 10-15 towers, ranging from 15-20 stories high, including variations like one, two, three, and four BHK apartments along with villas.

Initially, builders launched plans for one BHK flats, but later discontinued them. Presently, societies primarily offer two BHK or larger flats, which are considerably expensive.

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