NOIDA: The Noida Authority has set an ambitious target of allotting 5.5 lakh sqm across various categories this financial year, including industrial, commercial, residential, group housing and institutional plots.
The land allocation is projected to generate a revenue of Rs 3,795 crore. The Authority has decided on this ambitious target despite managing to allot only 23% of its land target last year.
The largest chunk of land, 3.3 lakh sqm, has been designated for institutional purposes this year, suggesting the Authority’s emphasis on IT/ITES parks, data centres, and educational and research facilities.
Plots for industrial use are next on the list, with an allotment of 1 lakh sqm. Around 67,500sqm of residential plots, 35,000sqm in the commercial sector and 13,800sqm in the group housing category will be allotted as well.
Despite smaller land parcels allocated in group housing and commercial categories, they are expected to generate the maximum revenue – of Rs 1,080 crore and Rs 1,010 crore, respectively.
Industrial land allotment is projected to bring in Rs 705 crore. Residential plots have a revenue target of Rs 650 crore, while institutional plot allotments are likely to yield Rs 315 crore.
For residential buildings, the Authority has set a modest revenue target of Rs 35 crore, with plans to allocate 16 high-income group (HIG) buildings and 4 middle-income group (MIG) buildings.
The Authority, however, has not made any land allocation for the current financial year till June 15.
In previous years, the Authority has earned Rs 1,318.2 crore from allotting land.
But allotting land in keeping with the targets is easier said than done.
In the 2023-24 financial year, the Authority fell short of its land allocation targets across several categories, achieving only 23% of the overall target.
For industrial plots, a target of 1.5 lakh sqm was set, but only 44,005sqm were eventually allotted. The commercial sector saw a similar shortfall, with only 35,002 sqm allotted against a 3 lakh sqm target.
The group housing category reached 37.3% of its 70,000sqm target, with only 26,136sqm allotted. The residential plots category faced the most significant shortfall, with only 8,062sqm allotted against a target of 1.5 lakh sqm. The residential buildings category also underperformed, with only four buildings allotted against 16.
In contrast, the institutional category exceeded its target, with 51,297sqm handed out against a target of 50,000 sqm. Despite setting a revenue target of Rs 3,370 crore for the FY 2023-24 from allotments, the Authority managed to earn Rs 2,763 crore till March 2024.
Earlier this month, the Authority increased the allotment rates across categories by 6%. However, there has been no change in rates for commercial plots.
