The Noida Authority aims to sell over half a million square metres of land in FY 2024-25 to raise more than INR 3,700 crore. Land will be allotted across residential, industrial, institutional, group housing, and commercial segments through e-auctions. The Authority expects to generate INR 1,080 crore from group housing plots, INR 1,010 crore from commercial land, INR 705 crore from industrial plots, INR 650 crore from residential plots, and INR 315 crore from institutional plots. Additionally, INR 35 crore is expected from allotting empty residential spaces. Schemes for these categories will be launched soon.
The Noida Authority plans to sell over half a million square metres of land in the financial year 2024-25 to raise more than INR 3,700 crore, according to officials familiar with the matter. These land parcels will be allotted across various segments including residential, industrial, institutional, group housing, and commercial.
Officials indicated that the land is spread across different parts of the city and will be sold through e-auctions under multiple schemes. A senior official from the Noida Authority stated that they would introduce several schemes across various segments to e-auction different categories of land parcels. They planned to allocate 5.5 lakh square metres of land in the current financial year and expressed that, if everything went according to plan, they aimed to generate over INR 3,700 crore from the sale of these plots.
The Authority expects to generate the highest revenue, INR 1,080 crore, from the sale of group housing plots. Commercial land parcels are anticipated to bring in INR 1,010 crore. The target for land earmarked for industrial purposes is INR 705 crore. Residential plots are expected to raise INR 650 crore, and institutional plots are projected to bring in INR 315 crore. Additionally, the Authority plans to allot empty spaces in its residential buildings across the city, aiming to earn INR 35 crore from this in FY25.
In terms of land volume, the Noida Authority has designated 3.25 lakh square metres for institutional purposes and 1 lakh square metres for industrial use. The residential plots category will see 67,500 square metres allotted, while the commercial plots category will have 35,000 square metres. For group housing plots, 13,800 square metres have been set aside. Officials mentioned that schemes for group housing, industrial, commercial, institutional, and residential categories will be launched soon.
In the previous financial year, 2023-24, the Noida Authority allotted around 26,136.55 square metres in the group housing category and only 8,061 square metres in the residential plots category. The industrial category saw an allotment of approximately 44,000 square metres, while the commercial category had around 35,000 square metres allotted.
In February of this year, the Noida Authority awarded a 6.45-acre group housing plot to the Mumbai-based developer Godrej Properties in Noida Sector 44 for INR 506 crore. The plot was secured through an online auction.
Overall, the Noida Authority's strategic plan aims to leverage the diverse land segments to maximise revenue, ensuring the efficient utilisation of land resources across the city. The forthcoming schemes and e-auctions are expected to attract significant interest from various sectors, contributing to the Authority's ambitious financial goals for the year.
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