Noida will auction 550K sqm land to collect 3,750 crore in FY 2024-25

By Bricksnwall | 2024-07-29

The Noida Authority hopes to sell ₹3750 cr of land through e-auctions this year, with a concentration on industrial, commercial, residential, and institutional sites.

The Noida government aims to collect ₹3,750 crore by selling 5.5 lakh square meters of land in fiscal year 2024-25. The land sales will fall into several categories, including industrial, commercial, residential plots, group housing and institutions. To meet this goal, the administration will launch a number of plans to allot land through e-auction.

"We are preparing the remaining land to be e-auctioned under schemes. "We will allot these plots through e-auction as per the rules," said Lokesh M, CEO of the Noida authority.

The authority wants to award 3.25 lakh square metres for institutional uses and 1 lakh square metres for industrial usage in the fiscal year 2024-25, according to officials. Additionally, they intend to assign 67,500 square meters for residential plots, 35,000 square metres for business plots, and 13,800 square meters for group housing.

The administration plans to generate ₹2,000 crore from the sale of group housing and commercial land types. The objective for group housing land sales is ₹1,080 crore, while commercial land sales are ₹1,010 crore. Industrial land allotments are expected to generate ₹705 crore in revenue, ₹650 crore for residential plots, and ₹315 crore for institutional plots, according to officials familiar with the matter. The authority plans to collect ₹35 crore from the allotment of residential projects in the city.

In the preceding fiscal year, 2023-24, the authority failed to reach its land allotment targets in various areas. Only 44,005.53 square meters of industrial plots were awarded, out of a target of 150,000 square metres. In the commercial sector, just 35,002.63 square meters were awarded out of a 300,000 square metre target. In group housing, 26,136.55 square metres were allotted out of a target of 70,000 square metres. Only 8,061.92 square metres of residential plots were given, out of a target of 150,000 square meters. However, in the institutional category, the authority exceeded its aim by allocating 51,297 square metres versus a target of 50,000 square metres.

Despite shortages, the Noida Authority earned ₹2,763 crore out of a target of ₹3,370 crore in fiscal year 2023-24. The increased aim for 2024-25 shows the authority's determination to maximise land allotments and revenue generation through strategic e-auctions.

Source: HindustanTime