Noida Authority is planning to raise Rs 3,700 crore by selling 5.5 lakh sqm of land in FY25

Officials from the Noida Authority confirmed that they are planning to sell over half-a-million square metres of land in the financial year 2024-25 to raise over Rs 3,700 crore and allot the land across different segments such as residential, industrial, institutional, group housing, and commercial.

People aware of the development confirmed that these land parcels are located in different parts of the city and that the authority will sell these plots through e-auction by floating multiple schemes.

A senior official told to a leading news portal Moneycontrol that they will float a number of schemes across various segments to e-auction different categories of land parcels. They also plan to allot 5.5 lakh square metres of land in the current financial year and if everything goes as per plan, they aim to raise over Rs 3,700 crore by selling these plots.

Similarly, the Noida Authority is planning to raise Rs 650 crore from the sale of residential plots, and at Rs 315 crore from institutional plots, officials said. They added that the Authority is also planning to allot empty spaces in its residential buildings across the city and earn Rs 35 crore from this in FY25.

Source: Moneycontrol