The Noida Authority is set to launch approximately 1,200 plots across various sectors in its latest land allocation drive, with plans to initiate multiple schemes soon.
As reported by the The Times of India, the authority has identified these plots, which span categories such as residential, industrial, commercial, institutional, group housing, and facility purposes. This move is part of the Authority’s broader effort to stimulate real estate development in Noida.
During a recent meeting chaired by Noida Authority CEO Lokesh M, the civil department reported that 1,190 vacant plots are available across sectors within work circles 1 to 10. These plots fall into several categories:
- Unallocated plots: Plots that are yet to be assigned to any individual or project.
- Allocated but undeveloped plots: Plots where construction has not commenced within the lease period.
- Canceled allocations: Plots that were previously assigned but have had their allocations revoked due to delays or non-compliance with the terms.
The Noida Authority has instructed its relevant departments to verify the status of these plots, based on the civil department’s findings. Public notices will be issued in newspapers ahead of any cancellations for plots where construction hasn’t started as required by the lease agreement.
Noida Authority’s Land Allocation Targets
For the current fiscal year, the Noida Authority has set a target of allocating 5.5 lakh square meters (equivalent to 135 acres) of land across various categories. The breakdown is as follows:
- Institutional purposes: 3.2 lakh square meters
- Industrial sectors: 1 lakh square meters
- Residential plots: 67,500 square meters
- Commercial sectors: 35,000 square meters
- Group housing: 13,800 square meters
The land allocations are expected to bring in significant revenue for the Authority, with a total target of ₹3,795 crore. The projected revenue breakdown includes:
- Group housing: ₹1,080 crore
- Commercial sectors: ₹1,010 crore
- Industrial sectors: ₹705 crore
- Residential plots: ₹650 crore
- Institutional allocations: ₹315 crore
- Residential buildings: ₹35 crore
These allocations, particularly in the group housing and commercial sectors, are expected to significantly contribute to the Authority’s revenue, underlining the demand for development in Noida.
In an effort to maximize land use, the Noida Authority is also focused on reclaiming plots where construction has not begun within the designated lease period. These underutilized plots will be subject to cancellation, and public notices will be published to inform plot holders before any action is taken. This move is designed to ensure that land is developed promptly, and that Noida’s growth continues unabated.
The allocation of 1,200 plots across these various sectors is expected to have a substantial impact on Noida’s real estate market. Developers, investors, and potential homeowners are likely to see new opportunities emerge as the Authority moves forward with its schemes. With a clear focus on both revenue generation and land utilization, this initiative aims to further cement Noida’s position as a hub for residential, commercial, and industrial growth.
The Authority’s proactive approach to dealing with underdeveloped plots, combined with its ambitious allocation targets, signals a robust effort to meet the region’s growing demand for space and development projects. As Noida continues to expand, the successful execution of these schemes will play a pivotal role in shaping the city’s future real estate landscape.