Noida approves annual budget

The revenue boost came from selling properties through competitive e-auctions and recovering dues from realtors, officials said

The Noida authority on Sunday approved an annual budget of ₹6,503 crore for the financial year 2023-24 to be spent on developmental projects in the city. The decision was made during the 209th board meeting held at the main administrative building in Sector 6, with Uttar Pradesh additional chief secretary Manoj Kumar Singh and the Noida authority cheif executive officer, Ritu Maheshwari in attendance, officials said.

The budget is considerably higher than the ₹4,580 crore allocated for the previous financial year 2022-23. (Photo for representation)

The budget is considerably higher than the ₹4,580 crore allocated for the previous financial year 2022-23.

According to the officials, the Noida authority has set a revenue target of ₹6,920 crore in 2023-24 to be generated from the sale of properties, lease rent and other charges. In the previous financial year, the Authority had a target of ₹4,880 crore, however, officials announced that they collected ₹6,481 crore, surpassing their target, and spent ₹4,990 crore.

The revenue boost came from selling properties through competitive e-auctions and recovering dues from realtors, officials said.

According to Maheshwari, the authority has earmarked lion’s share for the infrastructure development in the city as it approved ₹1906 crore for the development of infrastructure projects that include two elevated roads- 5.8km Chilla to Mahamaya flyover, 5.5km Bhangel elevated and underpasses, new administrative building and other projects. “The authority has also approved ₹1,359 crore for the Noida International Greenfield airport project being developed at Jewar and earmarked ₹500 crore for land acquisition,” she added.