Noida Authority signs MOUs worth Rs 58,000 crore ahead of UP Global Investors Summit

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The Noida Authority has finalised investment proposals worth more than Rs 58,000 crore in real estate, retail and industrial sectors in the city ahead of Uttar Pradesh Global Investors Summit, which is scheduled to take place in February this year.

According to Noida Authority officials, out of the agreements worth Rs 58,250 crore signed until January 6, investment pacts of over Rs 30,000 crore have been signed only in the real estate and retail sectors.

The Noida Authority has been tasked to bring investments worth Rs 90,000 crore ahead of the UP Global Investors Summit.

“Earlier the investment target was Rs 60,000 crore but it was later increased to Rs 90,000 crore. We will achieve this as, till January 6, we have signed MOUs (memorandums of understanding) with 168 firms for investment worth Rs 58,250 crore. Out of this over Rs 30,400 crore are in the real estate and retail sectors. We are hopeful of crossing the figure of Rs 60,000 crore investment by January 15,” a senior official of the Noida Authority told Moneycontrol.

The official said the investment in the real estate sector includes group housing and commercial properties.

Noida Authority CEO Ritu Maheshwari has directed officials to further increase the investment possibilities ahead of the Summit.

The Authority in a statement noted that major investors in real estate and retail sectors, who have signed MOUs for investment in Noida, include M3M India Private Limited (Rs 7,500 crore), INGKA (Rs 4,300 crore), Clearlake Private Limited (Rs 4,000 crore), Theme Country Private Limited (Rs 3,200 crore), Godrej Properties Limited (Rs 2,400 crore), Fairfox Infra Private Limited (Rs 2,000 crore), Roseberry Estate LLP (Rs 2,000 crore), Themecounty Private Limited (Rs 2,000 crore), Mahagun Infratech Private Limited (Rs 1,800 crore), and Canciller Consultancy (Rs 1,200 crore) among others.

There was no immediate response available from the above-mentioned companies.

There are nearly 18 companies that have signed MOUs for investment of above Rs 1,000 crore each while 13 firms have agreed to invest over Rs 500 crore each in Noida, the Authority noted.

“These investments will soon start taking shape and more will follow. These investments will be made by the companies concerned in the city in a period of five years,” the Noida Authority official said.

The Uttar Pradesh government is determined to attract more investments in the state. UP Chief Minister Yogi Adityanath visited Mumbai to invite Indian industry players for the upcoming Summit and returned with investment proposals worth more than Rs 5 lakh crore, an official statement from the government said on January 5.

Maheshwari, who is also the CEO of Greater Noida Authority, last month visited Singapore to draw investments for Noida and Greater Noida. She was part of a delegation led by Uttar Pradesh cabinet minister Swatantara Dev Singh that visited Singapore ahead of the summit.

Earlier this week the Greater Noida Industrial Development Authority (GNIDA) had said that so far it has signed MOUs for an investment of Rs 40,000 crore in the city ahead of the investors' summit.

According to GNIDA, the builder department of the authority had signed Rs 16,106 crore investment MOUs, followed by the industries department.

The industries department has paved way for an investment of Rs 11,680 crore through 17 agreements, and several more industries have expressed their wish to invest in Greater Noida, the Authority noted.