Noida Authority to Auction 550K sqm Land to Raise ₹3,750 Crore in FY 2024-25
Noida Authority plans to generate ₹3,750 crore by selling 5.5 lakh square meters of land in FY 2024-25 through e-auctions, focusing on industrial, commercial, residential, and institutional plots.
Noida AuthorityLand AuctionReal EstateIndustrial PlotsCommercial PlotsReal Estate NewsJul 29, 2024
The City Centre land in Noida, which was re-auctioned in March 2021, is one of the plots that will be put up for sale. According to Lokesh M, Chief Executive Officer of the Noida Authority, 'We are preparing the remaining land that can be e-auctioned through schemes. We will allot these plots through e-auction as per the rules.'
For the financial year 2024-25, the authority plans to allot 3.25 lakh square meters for institutional purposes, 1 lakh square meters for industrial use, officials said. Additionally, they plan to allot 67,500 square meters for residential plots, 35,000 square meters for commercial plots, and 13,800 square meters for group housing.
The authority expects to generate ₹2,000 crore from the sale of group housing and commercial land categories. Specifically, it has set a target of ₹1,080 crore from group housing land sales and ₹1,010 crore from commercial land sales. Revenue from industrial land allotments is projected at ₹705 crore, residential plots at ₹650 crore, and institutional plots at ₹315 crore, officials aware of the development said.
In the previous financial year, 2023-24, the authority did not meet its land allotment targets in several categories. Despite these shortfalls, the Noida Authority earned ₹2,763 crore against a target of ₹3,370 crore. The new target for 2024-25 reflects the authority's commitment to maximizing land allotments and revenue generation through strategic e-auctions.
information The Noida Authority is a statutory body responsible for the development and management of Noida, a planned city in the Indian state of Uttar Pradesh. The authority is responsible for providing various civic amenities and infrastructure to the residents of Noida, including roads, parks, and public transportation.
Noida Authority is a leading real estate development agency in India, with a mission to provide world-class infrastructure and amenities to its residents.
Keywords Noida Authority, land auction, real estate, industrial plots, commercial plots, residential plots, group housing, institutional plots, e-auctions, revenue generation, Uttar Pradesh, India
Frequently Asked Questions
How much land will be auctioned by the Noida Authority in FY 2024-25?
The Noida Authority will auction 550,000 square meters of land in FY 2024-25.
What is the target revenue generation for the Noida Authority from land sales in FY 2024-25?
The Noida Authority aims to generate ₹3,750 crore from land sales in FY 2024-25.
What are the categories of land that will be auctioned by the Noida Authority?
The land sales will span various categories, including industrial, commercial, residential plots, group housings, and institutions.
How much revenue did the Noida Authority generate from land sales in FY 2023-24?
The Noida Authority earned ₹2,763 crore from land sales in FY 2023-24.
What is the mission of the Noida Authority?
The mission of the Noida Authority is to provide world-class infrastructure and amenities to its residents.
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