Noida Authority Set to Auction 5.5 Lakh Sq Meters of Land in FY25, Aiming to Raise Rs 3750 Crore

                The Noida authority plan to generate ₹3,750 crore by selling 5.5 lakh square metres of land in the financial year 2024-25, it announced. The land sales will span various categories, 
including industrial, commercial, residential plots, group housings, and institutions. The authority will launch multiple schemes to allot the land via e-auctions to achieve this target.
 “We are preparing the remaining land that can be e-auctioned through schemes. We will allot these plots through e-auction as per the rules,” said Lokesh M, chief executive officer of 
the Noida authority.
For the financial year 2024-25, the authority plans to allot 3.25 lakh square metres for institutional purposes, 1 lakh square metres for industrial use, officials said. Additionally, they 
plan to allot 67,500 square metres for residential plots, 35,000 square metres for commercial plots, and 13,800 square metres for group housing.

According to the authority, it expects to generate ₹2,000 crore from the sale of group housing and commercial land categories. Specifically, it has set a target of ₹1,080 crore from 
group housing land sales and ₹1,010 crore from commercial land sales. Revenue from industrial land allotments is projected at ₹705 crore, residential plots at ₹650 crore, and 
institutional plots at ₹315 crore, officials aware of the development said. Additionally, the authority aims to collect ₹35 crore from the allotment of residential buildings in the city, they 
added.
In the previous financial year, 2023-24, the authority did not meet its land allotment targets in several categories. For industrial plots, only 44,005.53 square metres were allotted 
against a target of 150,000 square metres. In the commercial category, just 35,002.63 square metres were allotted out of a 300,000 square metre target. In group housing, 26,136.55 
square metres were allotted out of a 70,000 square metre target. For residential plots, only 8,061.92 square metres were allotted against a target of 150,000 square metres. However, 
in the institutional category, the authority exceeded its target by allotting 51,297 square metres against a target of 50,000 square metres.

Despite these shortfalls, the Noida Authority earned ₹2,763 crore against a target of ₹3,370 crore in the financial year 2023-24. The new target for 2024-25 reflects the authority’s 
commitment to maximizing land allotments and revenue generation through strategic e-auctions.



Source : The Economic Time