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The Noida Authority sold 149 plots in FY24, securing INR 1.03 lakh crore in investment commitments, surpassing their target of INR 90,000 crore. The plots were allotted across housing, IT/ITES, industrial, and commercial sectors, with major companies like County Group, Godrej Properties, Max Estates, IKEA, Uflex, Dixon, and Experion Developers among the buyers. The projects are expected to create approximately 440,000 jobs in the next three years. Work has begun on 50 plots, with the remainder starting soon. A report has been submitted to the Uttar Pradesh government, which plans a groundbreaking ceremony to launch these projects. Progress will be tracked via government portals.
The Noida Authority has announced a significant milestone for FY24, selling 149 plots and securing investment commitments worth INR 1.03 lakh crore. This figure surpasses their initial target of INR 90,000 crore, reflecting a robust demand for real estate in the region. The investment commitments will fuel various projects to be developed on these plots, contributing substantially to Noida's economic growth. Advertisement
The allotted plots span various sectors, including housing, information technology, industrial, and commercial segments. Specifically, 37 plots were designated for the IT sector, 12 for commercial purposes, 11 for group housing, and 89 for industrial use. Prominent companies that acquired land include County Group, Godrej Properties, Max Estates, IKEA, Uflex, Dixon, and Experion Developers. The area of these plots ranges from 450 square meters to 52,000 square meters, catering to a diverse array of project requirements.
Officials from the Noida Authority have compiled a comprehensive report detailing the investment proposals received and those that materialized in FY24. This report has been submitted to the Uttar Pradesh government, which plans to hold a groundbreaking ceremony soon to officially launch these projects.
A senior official from the Authority highlighted that approximately 450 entrepreneurs signed Memorandums of Understanding (MoUs) with the UP government for investments in Noida over the past year. The allotment of 149 plots corresponds to these investment proposals, while the remaining investors will be allocated land in the upcoming 'New Noida' region, which is still under development.
Currently, work has commenced on 50 of the allotted plots, with construction expected to start soon on the remaining plots. The projects on these plots are projected to create about 440,000 jobs over the next three years, significantly boosting local employment opportunities.
To ensure transparency and track the progress of these developments, the Noida Authority will conduct a survey to assess the work on the ground. Teams have been formed to visit each allotted plot and report on the current status of the projects. These updates will be uploaded to the government website and the "Invest Sarthi" portal, enabling senior government officials in Lucknow to monitor the progress closely.
The achievement of securing INR 1.03 lakh crore in investment commitments underscores the Noida Authority's role in driving economic development and fostering a thriving business environment. As the Authority continues to facilitate high-profile projects, Noida is set to solidify its position as a prime investment destination in India. The forthcoming groundbreaking ceremony will mark a significant step in realizing these ambitious projects, paving the way for sustained growth and prosperity in the region.
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