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Home / Cities / Noida: ₹1,904 crore approved for land purchase, development projects

Noida: ₹1,904 crore approved for land purchase, development projects

cities Updated: Jan 31, 2020 19:40 IST
Hindustantimes

NOIDA: The Noida authority, during its 198th board meeting Friday, approved around ₹1,904 crore for various development projects. This fund will help the city grow further and develop luxury facilities, officials said.

“We have approved ₹1,130 crore to buy agricultural land directly from farmers to prepare for future development. We will buy this land for industrial, institutional and commercial purposes. It will help the city grow and create more opportunities,” Ritu Maheshwari, chief executive officer, Noida authority, said.

Noida was established in 1976 with the aim to encourage industrialisation and create employment. The focus was changed from industrial to residential in the early 2000s. The Delhi suburb, spread over 20,000 hectares located between the Yamuna and Hindon rivers, grew into a residential town with 47% percent of total area meant for residential purposes and only 13% for industries.

The authority wants to refocus on industrial growth to fuel the economy and create jobs to revive the real estate sector, which is witnessing a slump, officials said. It wants to use the remaining land for industrial purposes. The authority has decided to buy agricultural land in sectors 145, 161, 162, 163, 164, 165 and 166, along the Noida-Greater Noida Expressway.

“We have decided to buy 218 hectares using ₹1130 crore from the allocated fund. Of this amount, ₹30 crore is being set aside as stamp fee. We are likely to buy this land in the next one year and we will use it mostly for industrial and institutional purposes and some parts for commercial purposes,” Maheshwari said.

Apart from that, the authority has approved a budget of ₹90 crore for development of a second golf course and adventure park in Sector 151A, along the Noida-Greater Noida Expressway. The authority will get the budget vetted and then issue tenders to hire a developer, officials said.

The authority has sanctioned ₹684 crore for construction of a Noida convention and habitat centre in Sector 94.

“The Noida habitat centre will be a cultural and social centre for citizens. Since the budget is approved, the authority will follow the process to start work at the site. At present, the city does not have any such socio-cultural platform for residents,” Maheshwari said.