In the light of a survey carried out by project engineers in Noida,the Noida Authority has said there is close to 17 lakh square feet of land available for banks and other commercial institutions to move into.
On December 4,2011,the Supreme Court had asked all commercial institutions to vacate residential plots they were operating out of in two months time. The apex court had last week given banks a two-week extension on this deadline,after the banks expressed difficulty in finding suitable space.
Noida Authority officials said the survey confirmed what they had been saying all along that there is enough land for commercial institutions to move into.
There is 17 lakh square feet of land available for these businesses to move into if they choose to. This land is mostly in the new sectors,such as 62 and 63,which are not residential areas. These areas fall under the reserved category which the Authority had retained for contingencies such as this and future sanctioned development in the Master Plan. There is no reason why this land should not be used by banks and nursing homes affected by the order, an official said.
Representatives of various banks however,differed from the Authority and said while land was available,the fact that it was all in the same area defeated the purpose.
We had rented space in residential areas and ran our branches from there as these were spread all over Noida. We can move to these vacant plots,but they are all in the same area and customers will not have branches nearby their residences. This defeats the purpose of multiple bank branches. We will inform the Noida Authority about our view and see if there are any other alternatives available, a bank official said.