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The Noida Authority plans to allocate land expected to generate INR 3,795 crore in revenue. Despite only meeting 23% of last year's land allotment target, they have set this ambitious goal for the coming year. The largest allocation, 3.3 lakh sqm, is for institutional use, focusing on IT/ITES parks, data centres, and educational facilities. Industrial plots will receive 1 lakh sqm, while residential, commercial, and group housing plots are set at 67,500 sqm, 35,000 sqm, and 13,800 sqm, respectively. The Authority has also raised the allotment rates by 6% across most of the categories.
The Noida Authority aims to allocate 5.5 lakh square metres of land across different categories this financial year. This includes land for industrial, commercial, residential, group housing, and institutional use. The expected revenue from this allocation is INR 3,795 crore. Advertisement
Last year, the Authority managed to allocate only 23% of its land target. Despite this, they are confident in achieving the new target. The largest portion, 3.3 lakh square metres, is designated for institutional purposes. This shows the Authority's focus on IT/ITES parks, data centres, and educational and research facilities. Industrial use is next with 1 lakh square metres allocated. Additionally, there will be 67,500 square metres for residential plots, 35,000 square metres for commercial plots, and 13,800 square metres for group housing.
Interestingly, even though the land allocated for group housing and commercial purposes is smaller, it is expected to generate the highest revenue. Group housing is projected to bring in INR 1,080 crore, while commercial plots are expected to generate INR 1,010 crore. Industrial land is projected to generate INR 705 crore, residential plots INR 650 crore, and institutional plots INR 315 crore.
For residential buildings, the Authority has set a revenue target of INR 35 crore and plans to allocate land for 16 high-income group (HIG) buildings and 4 middle-income group (MIG) buildings. As of June 15, no land has been allocated yet for the current financial year. In the past years, the Authority earned INR 1,318.2 crore from land allocations.
Meeting the targets has been challenging. Last year, the Authority allocated only 44,005 square metres of industrial land against a target of 1.5 lakh square metres. Similarly, the commercial sector saw only 35,002 square metres allotted against a 3 lakh square metres target. Group housing achieved only 37.3% of its target, and residential plots had the most significant shortfall, with only 8,062 square metres allocated against a 1.5 lakh square metres target. Only four residential buildings were allocated against the target of 16.
However, the institutional category exceeded its target, with 51,297 square metres allotted against a target of 50,000 square metres. Despite a revenue target of INR 3,370 crore last year, the Authority earned INR 2,763 crore till March 2024. Recently, the Authority increased the allotment rates across most categories by 6%, with no change in the rates for commercial plots.
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