Noida, Greater Noida to reclaim unused plots

The allotments of over 1,000 plots that had remained unused for years will be cancelled by the Noida and Greater Noida authorities. The decision was made in a meeting with Industrial Development Commissioner Manoj Kumar Singh. It was mentioned in a notification issued by the UP government in 2022 that lease agreements for plots allocated to industrial, information technology, and information technology-enabled units, which were not operational by December 31, 2022, would be revoked. These plots would then be e-auctioned to new investors. According to a senior official, the Noida Authority has, so far, issued notices to more than 500 units and initiated the process of cancelling lease agreements for 40 units following a survey. In Greater Noida, notices have been sent to over 600 industrial, IT, and ITES units, and a cancellation process has been initiated against 44 units. Among these 44 units, around 30 are ITs or ITES, and the remaining are industrial units. During a review of IT, industrial, and institutional plot allocations in Noida and Greater Noida, Singh stated that several allottees were still holding onto these plots without commencing construction. He asserted that these allocations would be cancelled. Singh also emphasized that completion and operation certificates should be issued to allottees that have completed the minimum construction as per the provisions, after fulfilling all formalities. The Noida-Greater Noida-Yamuna Expressway belt has become a significant investment destination for IT companies, telecom equipment manufacturers, and data centres. The upcoming airport is expected to further boost investments in the region, transforming it into a tech and manufacturing hub that competes with cities like Gurgaon, Bengaluru, Hyderabad, and Pune. In the UP Global Investors Summit 2023, Noida secured 27% (Rs 7.85 trillion) of the total investment intents, with over 18,000 MoUs for investment intents worth more than Rs 33.50 trillion signed by UP.