The Noida Authority is planning to sell over half-a-million square metres of land in the financial year 2024-25 to raise over Rs 3,700 crore, officials aware of the matter said.
They said that the land will be allotted across different segments such as residential, industrial, institutional, group housing, and commercial.
People aware of the development said that these land parcels are located in different parts of the city and that the authority will sell these plots through e-auction by floating multiple schemes.
“We will float a number of schemes across various segments to e-auction different categories of land parcels. We plan to allot 5.5 lakh square metres of land in the current financial year and if everything goes as per plan, we aim to raise over Rs 3,700 crore by selling these plots,” a senior Noida Authority official told Moneycontrol.
Officials said that the Authority expects to generate a maximum Rs 1,080 crore from the sale of group housing plots and Rs 1,010 crore from commercial land parcels in 2024-25. The Authority has set a target of collecting Rs 705 crore from the sale of land earmarked for industrial purposes.
Similarly, the Noida Authority is planning to raise Rs 650 crore from the sale of residential plots, and at Rs 315 crore from institutional plots, officials said. They added that the Authority is also planning to allot empty spaces in its residential buildings across the city and earn Rs 35 crore from this in FY25.
In terms of land volume, the Noida Authority has earmarked 3.25 lakh square meters for institutional purposes and 1 lakh square meters for industrial use. The Authority is planning to allot 67,500 square meters for residential plots and 35,000 square meters in commercial plots category. As many as 13,800 square meters land has been set aside for group housing plots.
Officials said that schemes for group housing, industrial, commercial, institutional and residential categories will be launched very soon.
In the previous financial year (2023-24), the Noida Authority had allotted around 26,136.55 square metres in the group housing category and only 8,061 square metres in the residential plots category. Similarly, it has allotted around 44,000 square metres in the industrial category and around 35,000 square metres in the commercial category.
Also Read: Godrej Properties wins bid for 6.4-acre group housing plot for Rs 506 cr in Noida
In February this year, the Noida Authority had allotted a 6.45-acre group housing plot to Mumbai-based developer Godrej Properties in Noida Sector 44 for Rs 506 crore. The plot was allotted through an e-auction.
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