Noida: The Noida Authority has kept aside Rs 1000 crore to purchase a new piece of land, which would be named New Noida. The region will be built on 20,000 hectares, which will include 80 villages—20 in Gautam Buddh Nagar and 60 in Bulandshahr, Uttar Pradesh’s National Capital Region (NCR).
The decision was made during the Noida Authority’s 209th Board Meeting last week. During the meeting, the Authority Board approved a budget of Rs 6,920 crore for 2023-24, which was also attended by Authority CEO Ritu Maheshwari. A budget allowance of Rs 500 crore has been made for land purchases in the present Noida area.
According to officials said that the Noida Authority has set a revenue target of Rs 8,920 crore and an expenditure target of Rs 6,503 crore for the fiscal year 2023-24. They set aside Rs 1,906 crore for infrastructure and development projects.
According to the announcement, the authority met its income target of Rs 4,880.62 crore and expenditure target of Rs 4,579 crore for the fiscal year 2022-23. This is 108% higher than the aim. The sale of industrial and residential plots via the e-auction system was cited by the authorities as the primary cause for higher receipts this year. The Authority also boosted residential, group dwelling, and institutional plot allotment rates by 6% to 10%. This action is predicted to drastically raise the price of real estate in Noida.
