The Noida Authority sells 149 plots in FY24 targeting Rs.1.03 crore investment

Noida Authority claims that, they have and sold 149 plots in FY24 and secured Rs. 1.03 lakh crore of investment commitments from the buyers for various projects to be developed on these properties. The sold plots were allocated to companies from diverse sectors including housing, IT/ITES, industrial, and commercial.

According to the officials, the target for the financial year was to get investment commitments of Rs.90,000 crore.  The authority has already compiled a report on the investment proposals received and those that materialised in FY24 and has sent it to the Uttar Pradesh government.  

The officials said, the state government is planning to organize a groundbreaking ceremony soon to launch these projects officially.

A senior official of the authority quoted, “In the last one year, about 450 entrepreneurs have signed MoUs with the UP government for investment in Noida. The Noida Authority has allotted 149 plots against as many investment proposals in financial year 2023-24 while the remaining investors will be allotted land in ‘New Noida’ region, which is yet to be developed."

The authority said, the development work has started in 50 of the plots and the work will commence in the remaining plots very soon. Among the allotted plots, 37 went to the information technology sector, 12 to the commercial segment, 11 were group housing plots, and 89 were in the industrial category.

The dimensional area of the plots range from 450 square metres to 52,000 square metres.  The major business giants who have invested in the plots included the County Group, Godrej Properties, Max Estates, IKEA, Uflex, Dixon and Experion Developers.

The projects which will be launched very soon are expected to generate about 440,000 jobs in the next three years.

The officials of the authority said,they will conduct a survey to ascertain the progress of work on the ground in these projects. Teams have been formed and asked to visit every allotted plot and provide the current status of the work. All the detail will be uploaded in the government website called Invest Sarthi to help the senior officials of Lucknow to track the current status of these projects.