MoUs (memorandum of understanding) for Rs 1 lakh crore of investments in Noida were inked during the UP Global Investors Summit in February 2023, of which projects worth Rs 45,000 crore have already been initiated in the last six months, said Noida Authority's chief executive officer Ritu Maheshwari in an exclusive interview with Moneycontrol.
She added that the Noida Authority had earned around Rs 7,000 crore in revenues in FY23, highest in 12 years.
Maheshwari said the Authority aims to get the rest of the investment proposals worth Rs 55,000 crore off the ground in another six-seven months.
“About 45 percent of the proposed investment has materialised in a short span of six months. Their (project) maps have been sanctioned and many of the projects have already started. By the end of the year we aim to get the rest going,” said Maheshwari.
“We need to allot land (to more new projects) so that people can come and start their work. Land is a little bit of a challenge, but we are looking at expanding our reach to New Noida, which we are developing. That is going to be an attractive location. We are finalising the master plan now. Within a year, I think we should have things happening on the ground there too, and that is going to be a huge opportunity in the near future,” she explained.
She added that Noida has only limited and smaller plots for commercial, institutional, and industrial use, and all the bigger plots will now be available in New Noida.
Huge revenues
Maheshwari said that FY23 was a bumper year for the Authority as it regularly floated schemes across residential, commercial, industrial, and institutional segments, and earned good revenues from land sales, property registrations, etc.
“After six years in greater Noida, and almost 12 years in Noida, we saw such revenues. The highest we’ve ever collected was Rs 8,000 crore in 2013,” she said.
Group housing
Maheshwari said that the upfront lump sum payment plan was seeing good traction as nearly seven group housing plots were sold on that basis across Noida and Greater Noida.
Maheshwari, who also held additional charge as GNIDA CEO until July 11, said that a number of reputed builders are now applying for group housing projects. “Two plots were allotted to Godrej in this financial year and several big names such as the Max Group, Gaursons, etc., have applied for another group housing plot in Noida’s sector 43,” she said.
Builder dues
Real estate developers in Noida and Greater Noida owe nearly Rs 26,000 crore to the Noida Authority, and about Rs 14,000 crore to the Greater Noida Authority. Maheshwari dismissed any possibility of rationalisation of interest payments or a one-time settlement scheme, adding that this could only be decided by the state government.
“Whatever was doable at the Authority level, we have done. We introduced the re-schedulement scheme and rationalised the time extension charges. Some defaulters also deposited their dues under these schemes. If there is to be a package, then maybe the government would look into it,” she said.
Pending registrations
Maheshwari added that nearly 40,000 flat registrations are pending across around 110 projects, including delayed projects, in Noida. Several initiatives like flat-wise registrations have been undertaken by the Authority to benefit homebuyers, she said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
