Rs 1,000 cr in 2023-24 budget for land acquisition for 'New Noida'

The Noida Authority on Sunday said 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, it said in a statement.

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.

"The main reason for higher receipts this year is the sale of industrial and residential plots through the e-auction system," the statement added.

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.

A total provision of Rs 141 crore has been made in the current financial year for village development, which includes cleanliness arrangements, road repair and urban maintenance work, the statement added.