In 2023-24, the Noida authority had approved a ₹6,920 crore budget and in 2022-23, ₹4880.62 crore, for development works

The Noida authority during its board meeting convened on Friday approved ₹7,700 crore budget for the financial year 2024-25 and also hiked the land allotment rates by 6% in all categories except the commercial and corporate house plots.

The authority earmarked funds for all the heads including land acquisition for “New Noida” to be developed in Bulandshahr district, said officials.

In 2023-24, the Noida authority had approved a ₹6,920 crore budget and in 2022-23, ₹4880.62 crore, for development works.

“The board has approved the budget keeping in mind the needs in 2024-25 and allocated the funds for Noida Metro, Noida international airport in Jewar, village development and other works. And the board approved the hike by 6% in all categories of the land except commercial plots and the plots meant for corporate house. The hike in the land allotment is nominal based on the inflation rates,” said Lokesh M, chief executive officer, Noida authority.

On Friday, Uttar Pradesh chief secretary Manoj Kumar Singh, who is also the industrial development commissioner and Noida Authority chairman, presided over the board meeting in Lucknow.

The board has allocated a lion’s share, of ₹2,432 crore, for development and construction work in Noida’s urban areas, ₹1,500 crore for land acquisition for New Noida, ₹475 crore for development of the Metro projects in Noida, and ₹745 crore has been allocated as share to be paid for the Noida airport project in Jewar, said officials.

The remaining budget has been allocated for miscellaneous works including the health department, horticulture works, water department and sanitation among others, said a Noida authority official not authorised to speak to the media.

Besides, the Noida authority has allowed free time extension for the farmers for next three years if they need it. The board has also allowed transfer of plots in its Transport Nagar project in Sector 63. Earlier, they were not allowed to be transferred or sold out to any other, said officials.

Meanwhile, the Authority board also decided that if the ban on registry/sale/purchase that was imposed (in January, 2021) on apartments or plots in the Sports City group housing scheme, is to be lifted then it should be done in all four projects, said officials.

The decision was taken after the authority put forth a proposal before the board that the ban on sale or purchase or approval on building maps must be lifted in one sports city namely group housing 2 in the light of the go-ahead by the public accounts committee, said officials.

As far as residential plots are concerned, the Authority has increased the prevailing rates for sectors in categories A to E by 6% for FY 2024-25. However, the rate for category A+ residential plots will remain unchanged at ₹1.75 lakh per sqm.

The rate of plots in A category sectors (14, 17, 19, 30, 35, 36, 39, 44, 47, 50, 51, 52, 93, 93A, and 93B) has been increased from ₹1.18 lakh per sqm to ₹1.25 lakh per sqm. The rates for B, C, D, and E have been raised from the range of ₹82,420 – ₹45,380 to ₹87,370 – ₹48,110.

Currently, the Authority has 50 plots in its kitty, totalling approximately 17,500 square metres, across categories A, B, and C for residential use.

Group housing properties are also allocated through e-auction, with allottees bidding based on the plot’s location and market value. For this purpose, the city has been categorised into five – from A to E. While the prevailing rates are in the range of ₹1.03 lakh per sqm to ₹65,250 per sqm. They have been increased to ₹1.09 lakh per sqm to ₹69,170 per sqm.