Noida okays ₹8,732 cr budget; hikes land allotment rates by 6%

NOIDA: The Noida authority in its board meeting on Friday increased the land allotment rates by 6% in all categories including residential, commercial, industry and institutional, and approved ₹8,732 crore budget for FY 2025-26 to spend funds for the city’s developmental and maintenance works.

The authority in its 217th board meeting chaired by UP chief secretary Manoj Kumar Singh, who is also the chairman for this industrial body took many decisions including approving the budget for 2025-26.

Gautam Budh Nagar DM Manish Kumar Verma, the Greater Noida authority CEO Ravi Kumar NG and other members attended the meeting in Sector 6 office to deliberate on the agendas for final decisions.

The board fixed a target to recover ₹9,008 crore revenue in different departments in the FY 2025-26 and finalised ₹8,732 crore annual budget.

It has approved lion’s share ₹2,410 crore for the development and construction, ₹2,229 crore for the maintenance of civic facilities and ₹224 crore for the village development among other usages in the FY 2025-26.

“We have increased the land allotment rates keeping in mind the market conditions in all categories. And the board decided the annual budget based on the requirement of the maintenance and the development of the infrastructure in the city,” said Lokesh M, CEO, Noida authority.

The allotment rate is a price at which the authority allots its properties through schemes to interested buyers or investors. And it impacts the prices of the new properties including residential, group housing or institutional among others to be auctioned and allotted, said officials.

The authority board discussed that in FY2024-25 it had fixed a target to collect a revenue of ₹7,713 crore against which ₹6,809 crore were collected in different departments, said officials.

Residential sectors in Noida are divided into categories from A+ to E on the basis of facilities provided. The authority has increased the land allotment rates in A to D category sectors up to 6% and the rates for A+ category will remain unchanged. Also, the allotment rates for the commercial land will remain unchanged.

For IT/ITES parks and data centers, which are allocated through e-auction in sectors 1, 16A, and 24, the rate has increased from ₹73,220 to ₹77,613 per square metres (sqms).

The board also discussed the progress on the ‘stalled housing projects’, approved a proposal to build an elevated six-lane and eight-lane on ground road, from Kalindi Kunj at Noida-Delhi border up to Noida-Greater Noida border “This new elevated and ground road will help the commuters travel between Delhi and Noida airport without entering into Noida city roads,” said Lokesh M, CEO of the Noida authority.