In January 2021, the Noida Authority had stopped key approvals for Sports City project in sector 150—including occupancy certificates and flat registrations—citing builders’ failure to develop the mandated sports infrastructure.
The stalled projects have left thousands of homebuyers in limbo. Officials said that while the Noida Authority has managed to execute registries for 3,724 apartments, an additional 5,758 units remain blocked because developers are yet to clear their outstanding dues.
Officials said that the Noida Authority expects to generate maximum Rs 1,080 crore from the sale of group housing plots and Rs 1,010 crore from commercial land parcels in the financial year 2024-25.
The Noida Authority has decided to increase the land allotment rates in view of rising inflation. Currently, the Authority has around 50 land parcels measuring approximately 17,500 square metres, across categories A, B, and C for residential use.
Out of 149 land parcels, 37 were allotted in information technology sector, 12 in commercial segment, 11 were group housing plots and 89 land parcels in industrial category. Some of the major companies that were allotted land by the Authority include County Group, Godrej properties, Max Estates, IKEA, Uflex, Dixon and Experion Developers, among others.
According to official estimates, real estate developers collectively owe around Rs 44,700 crore to the development authorities in Gautam Budh Nagar. They owe almost Rs 26,000 crore to the Noida Authority.
According to a rough estimate, there are around 2.4 lakh stressed housing units in the Noida and Greater Noida region, of which around 1.2 lakh flats are yet to be delivered. Possession has been given for the remaining 1.2 lakh units, but registries are still pending.
The last date of the registration for the Noida Authority's commercial plot scheme is March 7 and these plots will be allotted though e-auction. The cumulative reserve price of these 25 plots is around Rs 105.5 crore. The reserve prices of these plots individually range between Rs 49.11 lakh and Rs 6.60 crore.
Maheshwari added that she aims to get another Rs 55,000 crore of projects off the ground in the next six-seven months
There is hardly any land left in Noida for further development but demand for industries, commercial projects and other work is increasing because of the growing population