Latest news with #LokeshM
Hindustan Times
2 days ago
- Business
- Hindustan Times
Special Purpose Vehicle to run e-buses in Gautam Budh Nagar
NOIDA: The Gautam Budh Nagar's three industrial bodies -- Noida, Greater Noida, and the Yamuna Expressway Industrial Development Authority -- have initiated the process to set up a special purpose vehicle (SPV) (a new company) for operating the city bus service in the district. 'We have initiated the process to form SPV that will be tasked with running the bus service in the district. Since Noida's stake is higher, we are completing the process of formation of the SPV,' said Noida's chief executive officer (CEO) Lokesh M on Tuesday. 500 electric city buses will soon be operational across Noida, Greater Noida, and the Yamuna Expressway region. These buses will run on 25 routes across the district, including offering services to the Noida International Airport. Of the total, 300 buses will operate in Noida, 100 in Greater Noida, and 100 in the Yeida area, officials said. To manage operations, the SPV will be formed by all three authorities, with the Noida authority leading the initiative. 'We will engage a consultant who will be appointed to assist in the formation of the SPV. This consultant will advise on the composition of the company's board of directors. The SPV will oversee the smooth operation of buses across the three authority regions,' the CEO added. The selected firm will operate the buses under a 12-year Gross Cost Contract (GCC) model. Under this, operators will be paid a fixed cost per kilometre. The buses will run at about 10 to 15-minute intervals on 25 routes, from 6.30am to 11pm daily. The operation will include 15 routes in Noida, seven routes in Greater Noida and three routes in the Yamuna area, officials said. The equity contribution for the SPV is proposed to be 48% from Noida, and 26% each from Greater Noida, and Yeida, although these percentages may be adjusted. A recent meeting in Lucknow discussed the SPV structure and other key aspects of the city bus project. The bus fleet will include 250 standard-floor 12-metre e-buses and 250 standard-floor 9-metre e-buses. Each bus is expected to run 72,000 kilometres annually. The total project is valued at ₹675 crore, said officials. Initially, buses will be operated from terminals located in Sector 82 and Sector 91. All buses used will be either 12 metres or 9 metres in length, officials added.
Time of India
2 days ago
- Business
- Time of India
Pull over & grab a bite: Parking for cars at Noida's food streets
Noida: Two food streets on the lines of Indore's famous '56 Dukan', proposed to come up near Botanical Garden metro station in Sector 38A and Skymark One building in Sector 98, will allow people to unwind with their families, grab a bite to eat, and not worry about traffic or parking. Tired of too many ads? go ad free now Officials said that the Sector 38A zone will come up on a 1km stretch between GIP Mall and the Botanical Garden parking at Rs 3 crore and have 16 stalls offering a variety of street foods. Noida Authority will carve out parking spots for over 100 cars along the stretch so that people can enjoy food either from their cars or while sitting in a pleasant open setting. The second zone near Skymark has already been developed along a 45-metre-wide service road near Noida Expressway and will have six stalls. It will be developed at Rs 2.2 crore. On Tuesday, Noida Authority officials said that the food streets will be operated by a single agency on a revenue-sharing model and not individual vendors, as planned earlier. "Noida Authority will not allocate kiosks in these street markets individually. Instead, both markets will be handed over to a single company, which will be selected through an RFP process," said Noida Authority CEO Lokesh M. According to officials, a few shops in the food streets will be reserved for women and disabled persons. "Apart from food stalls, the Authority plans to have some shops selling jewellery and other items to draw more people. However, it will be the agency's outlook in selecting the vendors," Lokesh M said. All civil and utility work is scheduled to be completed by the end of June. Once construction is finished, the markets will be ready for launch. Officials said these hubs are designed to serve not only as entertainment and leisure spaces but also as a steady source of revenue for the Authority.
Time of India
2 days ago
- Business
- Time of India
In a few months, Noida residents may hail a city bus ride every 10 minute
Noida: The Noida, Greater Noida and Yamuna Expressway development authorities will jointly form a special purpose vehicle (SPV) unit to operate a fleet of 500 electric buses, with Noida leading the initiative. A consultant will be appointed to define the SPV's structure and recommend board members. The proposal for the project was recently discussed in a meeting in Lucknow attended by Noida Authority officials. Once set up, the SPV's details will be shared with the state govt. According to officials, the SPV will bear the operational costs of buses, which will be run by private agencies. Proposed equity split for the SPV is 48% for Noida, and 26% each for GNIDA and YEIDA. Meanwhile, the Directorate of Urban Transport (DUT) is working to hire an agency to operate the buses under the gross cost contract (GCC) model. The project is estimated to cost Rs 675 crore – which would cover the cost of purchasing e-buses, fast chargers (240 kW), plant and equipment, tools, and depot maintenance. Noida CEO Lokesh M said, "To run these buses, an SPV of the three authorities will be formed. While the DUT is procuring the buses and hiring an agency to run them, the viability gap funding will come from the authorities according to their stakes." The SPV will be ready by the time the operators and buses are in place, he added. As per the request for proposal (RFP) floated by DUT in March, the 500 buses will be deployed across 25 routes – 15 in Noida, seven in Greater Noida seven, and three in the YEIDA area. Under this plan, 300 buses will be deployed in Noida (150 12m ones and 150 9m ones), and 100 each will be deployed in Greater Noida and YEIDA. A maximum of two operators will manage the fleet, with services expected to commence in the second half of the year. Buses will ply at 10-15 minute intervals during peak hours and 15–20 minutes during off-peak times. The SPV will manage the fare system, while the operators will be paid on a per-kilometer basis. The project is planned for a 12-year term. As per the RFP, each bus is meant to ply 200km per day. However, in practice, buses may run 250–300km daily. Additional SPV-related costs include salaries for 50 employees (Rs 3 crore annually), office and utility expenses (Rs 2–3 crore), fare collection systems (Rs 2.5–3 crore), a project monitoring unit (Rs 1 crore), and depot maintenance (Rs 1–1.5 crore). Officials said that fares are expected to generate Rs 135 crore annually, with another Rs 10 crore from advertising. However, despite total revenues of Rs 145 crore, projected expenses exceed Rs 370 crore, creating a funding gap of Rs 225–230 crore annually. Noida Authority's share of the viability gap funding (VGF), based on its 48% stake, comes to about Rs 107 crore per year, or Rs 1,290 crore over the contract's 12-year duration. Initially, buses will be operated from terminals located in Sector 82 and Sector 91. Noida Authority will handle the necessary infrastructure development. Within one year of the agreement, Greater Noida and YEIDA will each construct one bus depot, officials added.
Time of India
3 days ago
- General
- Time of India
Noida stops crematorium revamp inside Biodiversity Park after complaints
Noida: Noida Authority has stopped the revamp of a crematorium that was coming up inside the Biodiversity Park in Sector 91, following complaints from residents of nearby societies. Considered as the city's green lungs, the park was developed on 110 acres under a Rs 100-crore ecological development project. A deer park and sunset safari are also proposed to come up on 30 acres of the biodiversity park at an estimated Rs 40 crore. The crematorium, being redeveloped on a land parcel about 50m from the park's gate number 2, is located within a 200-metre radius of several group housing societies and residential colonies in Sector 92. A complaint submitted by the sector's RWA to Noida Authority CEO Lokesh M pointed out that the National Building Code prohibited constructing a cremation ground within 250 metres of human habitation and demanded an inquiry into the matter. The RWA also claimed the adjacent residential sectors were densely populated and emissions from cremation could pose risks to public health, environmental safety and the sanctity of the park. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với sàn môi giới tin cậy IC Markets Tìm hiểu thêm Undo "Children, women, elderly and others, who use this beautiful park, will be afraid to enter if funeral pyres are allowed to burn there. It will spoil the image of this world-class biodiversity park and, due to religious sentiments, the park will become a 'ghost park,'" the letter stated. Birdwatchers who frequent the Biodiversity Park have also raised objections. Tripti Upadhyaya, a birdwatcher and resident of Eldeco Utopia in Sector 93, said, "A cremation ground and biodiversity cannot go hand in hand. The burning of remains and the smoke can easily disrupt the habitat for flora and fauna here." In Gheja, about 2km away, villagers claimed the cremation ground existed inside the park for several decades. Kartar Pradhan of Gheja village claimed the villagers won the land through a high court ruling nine years ago and insisted that the plot was designated for cremation purposes. While a structure allowing the simultaneous cremation of two bodies is already in place, an additional shed for visitors is under construction. Noida has spent Rs 29 lakh on the project. CEO Lokesh M said the area was reserved for an international wildlife attraction and ordered a full report on the matter. "Deer will be brought in from abroad for the sunset safari and the park. A cremation ground cannot be allowed at this location," he said. The Authority has called for a detailed report before taking any further action.
Time of India
29-05-2025
- Business
- Time of India
Noida to give up to 2 years' relaxation to industrial allottees under UP scheme
Noida: Noida Authority announced a one-time relaxation for industrial allottees struggling to meet project timelines following the implementation of the new unified policy on Feb 25, this year. Allottees whose deadline to complete construction and make their plots functional expired or will expire within a year are eligible for a final extension – one year for plots up to 20,000 sqm and two years for larger plots. This is subject to an extension fee of 4% for the first year and 6% for the second. Hence, plots up to 20,000 sqm have time until Feb 25, 2026, to complete construction, while larger plots have until Feb 25, 2027. "We published the notice about 15 days ago, but the response has been very poor so far. Industrialists and factory owners should come forward and avail themselves of the benefits," a senior official said. Additionally, since the Unified Policy allows paid extensions for only up to two years, in cases where this limit has expired or will expire within a year, the extension fee will be calculated at previously applicable rates until Feb 25. Thereafter, the new fee structure of 4% for the first year and 6% for the second will apply. An estimated 600–700 industrial units are expected to benefit from this decision. Overall, there are around 11,000 registered units in Noida. Under the current Unified Policy, allottees must inform the Authority within 90 days of any change in company shareholding. Failure to do so attracts a penalty of Rs 500-per-day — a provision absent in the previous policy. The Authority waived the Rs 500-per-day penalty for delayed reporting of changes in shareholding (CIS) for old allottees. Officials reiterated that CIS compliance is a requirement under the scheme. As a one-time relief, allottees who made changes in their company's list of directors or shareholders in the Registrar of Companies (ROC) but failed to inform the Authority by Feb 25, this year, will be exempt from the penalty, provided they submit the required documents within 90 days from the issuance of a specific order in this regard. "As the order was issued on May 16, it gives companies time until Aug 15 to comply. After this deadline, penalties under the unified policy will apply. Around 1,500 enterprises are likely to benefit from this provision," an official said. During its 217th Board meeting held in March, the Authority acknowledged the difficulties faced in disposing of project-related services and applications under the Unified Policy. Responding to repeated requests from allottees regarding issues such as transfer fees, CIS fees, time extensions, and late penalties, Noida CEO Lokesh M was authorised to resolve these challenges. Sudhir Shrivastav, spokesperson for the Noida Entrepreneurs Association (NEA), said, "The Authority should take into account disruptions caused by the monsoon and restrictions imposed under GRAP measures while deciding the one- or two-year extension period. In practical terms, entrepreneurs are left with only a few effective months to complete their projects. The focus should be on making industrial units operational, not on burdening allottees unnecessarily. Many entrepreneurs were unable to complete construction due to the Covid-19 pandemic and delays in getting possession of land from the Authority."Commenting on CIS-related charges, he added, "Such charges and penalties exist only in Uttar Pradesh. They should be completely abolished. However, we welcome the decision to waive the fine for the next three months."
