February 6, 2009 11:48:53 pm
Investors shy away,slowdown-hit Noida Authority puts a pause on big plans
After the much-touted land deal between the Business Parks and Town Planners (BPTP) and the Noida Authority fell through,the Authority is now looking for ways to wriggle out of the financial crisis. The BPTP recently surrendered its ambitious project worth over Rs 5,000 crore in Noidas Sector 94 citing a credit crunch.
The Noida Authoritys meeting rooms are abuzz with discussions about business being down due to the slump in the real estate market.
Expecting to start its ambitious projects this year,the Authority had declared public private participation (PPP) as a model for many of them,but with private bidders not undertaking huge investment projects,it seems to have put the proposed infrastructure plans on hold.
There are at least four such major projects that may not see the light of day in the near future.
The first one to sink without even attracting bidders was the Authoritys ambitious Sports City project. The Noida Authority had approved the construction of an international standard integrated sports facility. The sports facility,estimated to cost Rs 2057 crore,will be spread on 311 hectares. The first date for the bid to close was December 3.
We did not get any bid for the project. The sports city is therefore on hold, said Mohinder Singh,Chief Executive Officer,Noida Development Authority.
The second ambitious plan,worth Rs 15,000 crore,was the City Centre scheduled to be opened in Sector-32. The site for the centre still displays a signboard marking the City Centre. The Authority had planned to build all its offices at the City Centre along with offices of multinational companies. A stretch of 99 acres was earmarked for the Centre. But with private players shying away from investment,it has to be put on hold, said a senior official at the Authority.
With parking woes increasing in the city,the Authority had planned to build an automatic parking lot using foreign technology.
The bids for the multi-level parking in Sector 18,which is known as Noidas Connaught Place,closed in October 2008. The tender could not be issued and the reason cited was economic slowdown. The project was worth Rs 70 crore.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.