Projected Land Sales for Fiscal Year 2024-2025
According to officials, the Noida Authority anticipates that in the fiscal year 2024-2025, it will generate revenue of up to Rs 1,080 crore from the sale of group housing plots and Rs 1,010 crore from the sale of commercial land parcels.
Overview of Land Allocation
The Noida Authority aims to sell more than 500,000 square meters of land, projecting to raise over Rs 3,700 crore in the fiscal year 2024-2025. This land will be allocated for various uses, including group housing, commercial, industrial, institutional, and residential purposes.
Land Auction Plans
Officials familiar with the project stated that the authority will sell these plots through an online auction by introducing several schemes. The land parcels are dispersed across the city.
Official Statement
"We will launch initiatives in different markets to e-auction various land lots. If everything goes according to plan, we intend to allot 5.5 lakh square meters of land in the current fiscal year, and by selling these plots, we hope to raise over Rs 3,700 crore," as quoted in the report.
Detailed Financial Projections
According to Authority officials, group housing plot sales are expected to generate up to Rs 1,080 crore, while commercial land parcel sales are projected to bring in Rs 1,010 crore in 2024-25. The Authority also plans to raise Rs 705 crore from the sale of industrial land.
Moreover, the Noida Authority aims to generate Rs 650 crore from the sale of residential plots and Rs 315 crore from the sale of institutional plots. The statement also mentioned that the Authority intends to allocate vacant spaces in its residential buildings spread throughout the city to generate an additional Rs 35 crore in revenue for FY25.
Land Allocation Breakdown
- Industrial Use: 1 lakh square meters
- Institutional Use: 3.25 lakh square meters
- Commercial Land: 35,000 square meters
- Residential Plots: 67,000 square meters
- Group Housing Plots: 13,800 square meters
Officials have stated that plans for group housing, commercial, institutional, industrial, and residential categories will be announced soon.
Previous Fiscal Year Allocation
In the previous fiscal year (2023-24), the Noida Authority allocated approximately 26,136.55 square meters for group housing and just 8,061 square meters for residential plots. The industrial category received approximately 44,000 square meters, while the commercial category was allocated roughly 35,000 square meters.
Recent Project Highlights
In February of this year, the Noida Authority awarded a 6.45-acre group housing plot in Noida Sector 44 to the Mumbai-based developer Godrej Properties for a payment of Rs 506 crore. The plot distribution took place via an online auction.