Greater Noida Authority Approves Rs 4,378 Crore Budget For 2023-24, Rs 450 Crore Allocated For Noida Airport's Upcoming Phase-2 And 3

The Greater Noida Industrial Development Authority (GNIDA) has approved a budget of Rs 4,378 crore for the financial year 2023-24, during its board meeting chaired by Manoj Kumar Singh on 21 April 2023.

Singh holds the charge of Uttar Pradesh infrastructure and industrial commissioner and is the chairman of the twin industrial bodies of Noida and Greater Noida.

As per reports, out of the total allocation, the authority has allocated Rs 450 crore for the upcoming Noida International Airport in Jewar. Last year, GNIDA allocated Rs 350 crore for the airport.

Officials said that the budget for the Jewar airport has been enhanced by Rs 100 crore in order to support the processes for land acquisition under phase-2 and 3 of the airport project.

Nearly 1,300 hectares of land will be acquired in the second phase. Currently, a social impact assessment (SIA) study is underway for phase-2 of the land acquisition.

In the under-construction Noida International Airport in Jewar, GNIDA holds 12.5 per cent stake.

The Noida Authority and the state government hold 37.5 per cent stake each, while the Yamuna Expressway Industrial Development Authority (YEIDA) holds 12.5 per cent share in the project.

Further in the budget, maximum emphasis has been given to the land acquisition, development of infrastructure and development works along with loan repayment.

Revisions For Land Allotment

As per a MoneyControl report, the authority has also revised the rates of land allotment.

New allocation rates for assets have been set for 2023-24 with a 4.42 per cent increase in plot rates for setting up in industrial, IT park and data centre plot rates.

An increase of up to 15 per cent in the rates of residential, commercial, builder and institutional plots was also sanctioned.

Officials said that before preparing the proposal for rate revision, a survey of market rates was conducted, in which the allotment rates of GNIDA were found to be low, as per ET report.

As per the new plan, now allottees can pay the total amount in three years’ time instead of a one-time payment. This is only for commercial plots. Currently, allottees have to make full payment in 90 days.

There have been rising demands to the authority for increased floor area ratio by several stakeholders, to allow them to develop additional built space on the industrial plots in the IITGNL Integrated Industrial Township.

Following this, the Greater Noida Authority Board has approved the proposal to increase the ground coverage from 35 per cent to 55 per cent in the meeting.