It also proposed to launch an affordable housing scheme.
Ghaziabad: Land bank will be created for various residential and commercial projects here and its acquisition process will be streamlined, the Ghaziabad Development Authority (GDA) said Tuesday. It also proposed to launch an affordable housing scheme.
"Our officials would get down to work out the feasibility and modalities of such an affordable housing scheme. The prices of such houses would be roughly structured between Rs.5-10 lakh," GDA vice chairman Santosh Yadav said.
The authority is facing shortage of land for new projects and any new acquisition will be done thorough the land bank. It passed seven projects and sent the remaining to the government for approval.
The board of authority also decided to raise the circle rates of residential properties in line with the hike in administration circle rates.
To boost the housing sector as also to facilitate the builders, the authority also proposed to hike the Floor Area Ration (FAR), and keep it in sync with that of its counterparts in Noida and Delhi. This is being done to utilise the space in the best way possible, officials said.
The authority has, however, scrapped the provision of allowing builders to deposit the development charges in instalment.
"The builders would not have to deposit the entire development cess at one time while seeking approval of the lay-out plans to their projects," Yadav said.