Noida and Greater Noida Authorities revamp industrial plot allocation strategies

Noida and Greater Noida authorities are set to overhaul their approach to industrial plot allocation, opting for a system that involves a draw of lots and interviews, as opposed to the current method of e-auctions. The decision to shift strategies was made during a hastily convened online board meeting attended by CEOs of the two authorities, alongside other senior officials and the Industrial Development Commissioner from Lucknow. This shift is part of a broader initiative to enhance transparency in the allocation process, with a particular focus on industrial plots.
The meeting primarily centred around determining the parameters for the allocation of industrial plots. In Noida, plots in phases 2 and 3 are slated for allocation through a draw of lots, while those in phase 1 will continue to be assigned via e-auctions. Authorities justified the continuation of e-auctions for Phase 1 by citing a relatively lower number of plots in this category.
To streamline the allocation process, applicants will be required to make an upfront payment of 10% of the total premium for registration. The available plots range from 250 to 4,000 sqm. Payment options include the choice to pay the entire amount in a lump sum within 90 days of receiving the allotment letter. This would entail a 2% rebate on the premium amount.
Alternatively, applicants can opt for a 50% initial payment within 60 days, with the remaining amount being paid with interest in six half-yearly instalments over three years.
The premium for each plot will be calculated based on the prescribed allotment rate of the respective sector. Failure to meet payment deadlines could result in the cancellation of the allotment along with the confiscation of the registration fee.
Those applying for large plots with an area of 4,000 sqm can apply only once. Applicants seeking plots larger than 4,000 sqm will undergo an interview process. A set of 12 objectives, including financial capacity, proposed investment, and technical experience, will be assessed, with a cut off set at 65% of the criteria.
Lokesh M, CEO of the Noida Authority, announced plans to formalize the decisions taken during the Saturday meeting through the formulation of a comprehensive policy. The shift away from e-auctions reflects a commitment to ensuring transparency and fairness in the allocation of industrial plots, addressing concerns about the previous system's efficacy.
This strategic shift in allocation methods, incorporating draws and interviews, aims to infuse greater fairness and inclusivity into the process. As the Noida Authority works on developing a policy to implement these changes, the industrial landscape in the region is poised for a transformation that aligns with evolving standards of transparency and efficiency in industrial planning and development.

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Noida and Greater Noida Authorities revamp industrial plot allocation strategies

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