Noida authority to raise Rs 38 Bn revenue

30 Jul 2024 CW Team

The Noida Authority has set an ambitious target of allotting 5.5 lakh sqm across various categories this financial year, including industrial, commercial, residential, group housing and institutional plots.

The land allocation is projected to generate a revenue of Rs 37 billion. The Authority has decided on this ambitious target despite managing to allot only 23% of its land target last year.

The largest chunk of land, 3.3 lakh sqm, has been designated for institutional purposes this year, suggesting the Authority's emphasis on IT/ITES parks, data centres, and educational and research facilities. Plots for industrial use are next on the list, with an allotment of 1 lakh sqm. Around 67,500sqm of residential plots, 35,000sqm in the commercial sector and 13,800sqm in the group housing category will be allotted as well.

Despite smaller land parcels allocated in group housing and commercial categories, they are expected to generate the maximum revenue" of Rs 10.80 billion and Rs 10.10 billion, respectively. Industrial land allotment is projected to bring in Rs7 billion. Residential plots have a revenue target of Rs 6.50 billion , while institutional plot allotments are likely to yield Rs 3.15 billion.

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