Greater Noida to borrow ₹1500 crore for land acquisition

The Greater Noida Authority will borrow ₹1,500 crore from two banks to acquire land and expand the city.

The Greater Noida Authority will borrow ₹1,500 crore from two banks to acquire land and expand the city.

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The Authority has 38,000 hectares notified in the district and plans to acquire 30,000 hectares. In the next few years, with an international airport and the Film City expected to come up, demand for industrial, commercial and residential land is expected to increase. The Authority too had recently won investments worth ₹6,000 crore.

Much of the land to be acquired would be from farmers.

“Both domestic and international investors would want to set up industrial units in Greater Noida. But we are left with no more land, Therefore we have decided to acquire more and develop basic facilities like roads, drains, sewer lines and parks,” said said Narendra Bhooshan, chief executive officer of the authority. “We have already borrowed ₹600 crore and will soon borrow an additional ₹900 crore.”