Noida Authority generates Rs. 3,700 crore fund selling 500,000 sqm land parcel

The Noida Authority is set to sell over 500,000 square meters of land during the financial year 2024-25, with the goal of raising more than Rs.3,700 crore. The land will be distributed across various sectors, including residential developments, industrial projects, institutional uses, group housing, and commercial ventures. This strategic sale is intended to boost revenue and support the area's growth and infrastructure development.

Sources familiar with the development indicated that these land parcels are spread across various parts of the city. The authority plans to sell the plots through e-auctions, offering them via multiple schemes. 

One of the Noida Authority official told,"We will introduce several schemes to e-auction various categories of land parcels. Our goal is to allocate 550,000 square meters of land this financial year, and if all goes as planned, we aim to generate over Rs.3,700 crore from these sales."

Officials indicated that the Authority anticipates generating up to Rs. 1,080 crore from the sale of group housing plots and Rs.1,010 crore from commercial land parcels in 2024-25. Additionally, the Authority aims to collect Rs.705 crore from land designated for industrial use.

The Noida Authority plans to generate Rs.650 crore from selling residential plots and Rs.315 crore from institutional plots, according to officials. They also intend to lease vacant spaces in residential buildings throughout the city, aiming to earn Rs.35 crore from this in FY25.

The Noida Authority has designated 3.25 lakh square meters for institutional purposes and 1 lakh square meters for industrial use. Additionally, it plans to allocate 67,500 square meters for residential plots and 35,000 square meters for commercial plots. Furthermore, 13,800 square meters have been reserved for group housing plots.

The Noida Authority has allocated 3.25 lakh square meters of land for institutional purposes and another 1 lakh square meters for industrial use, in terms of volume. Additionally, the authority plans to designate 67,500 square meters for residential plots and a further 35,000 in commercial plots category. Moreover, they have reserved an area measuring at approximately 13,8000 square metres specifically designed as group housing plots.

Officials announced that new schemes for group housing, industrial, commercial, institutional, and residential categories will be launched soon. In the previous financial year (2023-24), the Noida Authority allocated approximately 26,137 square meters for group housing, 8,061 square meters for residential plots, 44,000 square meters for industrial use, and 35,000 square meters for commercial purposes.

In February of this year, the Noida Authority allocated a 6.45-acre group housing plot in Noida Sector 44 to Mumbai-based developer Godrej Properties for Rs 506 crore, following an e-auction.