The Greater Noida Authority has successfully implemented 84% of its ambitious Rs 60,000 crore investment target set by the Uttar Pradesh government. Country Group leads with a Rs 2,000 crore investment, followed by Eldeco and Iris committing Rs 1,000 crore each, and Purvanchal contributing Rs 800 crore among the builders. This robust financial infusion underscores their confidence in the project's potential and aligns with a broader trend of huge investments in the real estate sector. These strategic allocations fortify the industry's growth trajectory and contribute significantly to the overall economic landscape.
In a significant development, the Greater Noida Authority has successfully implemented 84% of its ambitious Rs 60,000 crore investment target set by the Uttar Pradesh government. The impressive milestone is set to be officially announced at the upcoming ceremony scheduled for later this year.
Officials disclosed that out of the 175 Memorandums of Understanding (MoUs) inked with various industries, developers, and entrepreneurs, 148 MoUs, valued at Rs 50,419 crore, have materialized on the ground, indicating successful land allotments.
A senior official provided a breakdown of the successful MoUs, stating that among the 148 MoUs, 45 were from builders, 32 from commercial entities, 36 from industries, 26 from institutional sectors, and 9 from IT/ITES. This influx of investments is anticipated to generate over 70,000 jobs in the region.
The Greater Noida Authority has forged agreements with units that were allocated industrial plots under recent schemes but faced delays in project construction. Additionally, collaborations were established with units for which MoUs could not be previously signed.
Prominent builders committing substantial investments include Country Group earmarking Rs 2,000 crore, while Eldeco and Iris are set to invest Rs 1,000 crore each, and Purvanchal committing Rs 800 crore.
In the industrial sector, Dixon is said to invest Rs 500 crore in the Ecotech 8 project, and Hair plans a Rs 640 crore investment for project expansion. Addverb, a global robotics and automation company, has pledged Rs 500 crores for a 15-acre land project, with Cheng Feng committing funds worth Rs 340 crore.
The IT sector is also witnessing a surge in investments, with Advance Compusoft investing Rs 1,000 crore in an IT and commercial park on 25 acres of land in Techzone 4. Bhutani Grandthum is also contributing Rs 1,000 crore on 25 acres in Techzone 4, and Migsun, an IT project in Techzone, is also set to invest Rs 500 crore.
Under the institutional category, Yatharth's hospital aims to invest Rs 250 crore to construct a 250-bed hospital in Greater Noida West. In the commercial domain, Boulevard Walk, a mixed-use development by Home and Soul, has committed Rs 1,000 crore for pre-leased retail shops, hotel apartments, and other spaces on 5 acres of allotted land in Greater Noida West.
Greater Noida authorities emphasize a focus on attracting investments from IT and data centers, as well as educational institutions. Singapore-based company ST Telemedia has been allocated 10 acres of land in Knowledge Park 5 and is eager to invest Rs 1,500 crore in a data center project.
Officials highlight ongoing negotiations with companies willing to invest under the state's Foreign Direct Investment (FDI) policy, indicating a positive outlook for continued economic growth in the region.
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