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The Noida Authority has recently announced its plans to allocate a whopping Rs 1,000 crore for the acquisition of land for the creation of a new area, dubbed 'New Noida'. Additionally, the Authority has set aside Rs 500 crore for land acquisition in the existing Noida area, with a further Rs 1,906 crore designated for infrastructure and development work. These announcements came after the 209th Board Meeting of the Noida Authority, which was attended by UP Industrial and Infrastructure Development Commissioner Manoj Kumar Singh.
During the meeting, the Noida Authority Board approved a budget of Rs 6,920 crore for the upcoming financial year, 2023-24. The Authority CEO, Ritu Maheshwari, was also present at the meeting. According to a statement released by the Authority, "A target of Rs 8,920 crore in revenue and Rs 6,503 crore in expenditures has been set by the Noida Authority Board for the financial year 2023-24."
It is worth noting that for the previous financial year, the Noida Authority had set a target of revenue of Rs 4,880.62 crore and an expenditure target of Rs 4,579 crore. However, the actual figures exceeded these targets, with both income and expenditure being higher than expected. The statement released by the Authority attributed this to the sale of industrial and residential plots through the e-auction system.
As previously mentioned, a significant portion of the budget for the upcoming financial year has been set aside for land acquisition. The Authority has allocated a total of Rs 500 crore for land acquisition in the existing Noida area and Rs 1,000 crore for land acquisition in 'New Noida'. However, the Revenue Department has been directed to expedite its efforts in land acquisition in the coming months, as the Authority expressed dissatisfaction with the progress made in the previous year.
In addition to land acquisition, the Authority has also designated Rs 1,906 crore for development and construction work. This includes the construction of administrative offices in Sector-96, the creation of an elevated road from Chilla regulator to Mahamaya flyover, and the construction of an elevated road, among other projects.
Finally, the Noida Authority has also allocated Rs 141 crore for village development in the current financial year. This includes efforts to improve cleanliness, repair roads, and maintain urban areas.
Overall, the Noida Authority's plans for the upcoming financial year appear to be focused on infrastructure development and land acquisition. With significant funding allocated towards these projects, it remains to be seen how successful the Authority will be in achieving its targets. Nevertheless, the recent successes in exceeding revenue and expenditure targets suggest that the Authority is well-positioned to take on these ambitious projects.
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