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Noida Authority to spend Rs 1000 crore for land acquisition

The announcements were made after the 209th Board Meeting.

24 , April , 2023

In a recent announcement, the Noida Authority in a statement informed that it has earmarked Rs 1,000 crore for acquisition of land for area which would be known as 'New Noida'. The authority also made a provision of Rs 500 crore for land acquisition in the existing Noida area, while it set aside Rs 1,906 crore for infrastructure and development work.  

The announcements were made after the 209th Board Meeting of the Noida Authority held in presence of UP Industrial and Infrastructure Development Commissioner Manoj Kumar Singh.  The Noida Authority Board approved a budget of Rs 6,920 crore for 2023-24 during the meeting, also attended by Authority CEO Ritu Maheshwari.   

"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," the Authority said in the statement.  "For the financial year 2022-23, the authority's target of revenue was Rs 4,880.62 crore and expenditure target of Rs 4,579 crore (108 per cent more than the target) was achieved," it said.  

The board noted that in the last financial year, both income and expenditure in Noida have been more than the set target.  A total provision of Rs 500 crore has been made by the Authority for land acquisition in Noida area and Rs 1,000 crore for land acquisition in New Noida, it stated.  

Expressing dissatisfaction over the progress of land acquisition last year, the Revenue Department was directed to speed up the efforts of land acquisition in the coming months, the statement added.  With a view to strengthen infrastructure facilities, an expenditure of Rs 1,906 crore was approved for development and construction work, in which administrative office, Sector-96, construction of elevated road from Chilla regulator to Mahamaya flyover, and construction of elevated road, among others, will be taken up, it stated.  


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