Noida Authority Aims to Allot 5.5 Lakh sqm across Various Categories this Fiscal Year
The Noida Authority, responsible for the development and administration of Noida city near Delhi, has set an ambitious target for land allocation in the current financial year. The authority aims to allot a total of 5.5 lakh square meters of land across various categories, including industrial, commercial, residential, group housing, and institutional plots. This strategic move is projected to generate a significant revenue of Rs 37 billion.
Institutions Highlighted: IT/ITES, Data Centers, and Research Facilities
This year, the Noida Authority has designated a considerable portion of land, measuring 3.3 lakh square meters, for institutional purposes. This bears evidence of the authority’s emphasis on promoting IT/ITES parks, data centers, and educational and research facilities in the region. With the growing demand for these institutions, Noida’s strategic move is likely to attract investment and foster economic development in the area.
Industrial Priority: Boosting Manufacturing Sector
Plots for industrial use are the next priority on the list set by the Noida Authority, with a proposed allotment of 1 lakh square meters. By incentivizing industrial growth, the authority aims to attract businesses and boost the manufacturing sector in Noida. This move aligns with the Indian government’s focus on enhancing domestic manufacturing capabilities under the ‘Make in India’ initiative.
Residential, Group Housing, and Commercial Sectors to Generate Maximum Revenue
While the allocation of land parcels for group housing and commercial sectors may be smaller compared to other categories, they are anticipated to yield the highest revenue for Noida. The authority forecasts revenue of Rs 10.8 billion from the group housing sector and Rs 10.1 billion from the commercial sector, respectively. These sectors are crucial for meeting the increasing demand for housing and supporting local businesses, making them key contributors to Noida’s economic growth.
Strategic Revenue Generation
In addition to emphasizing the institutional, industrial, residential, group housing, and commercial sectors, the Noida Authority is also targeting plot allotments for generating revenue. The revenue target for industrial land allotment is projected to be around Rs 7 billion, while the residential plots have a revenue target of Rs 6.5 billion. Furthermore, institutional plot allotments are likely to yield around Rs 3.15 billion.
Evolving Noida: Economic Growth and Development
The Noida Authority’s ambitious target for land allotment signifies its commitment to facilitating economic growth and development in the region. By strategically allocating land in various sectors, the authority aims to attract investment, boost local industries, and provide housing solutions to meet the growing needs of the population. With an expected revenue of Rs 37 billion, this venture will not only shape Noida’s future but also contribute to the overall economic development of the country.
