NOIDA: The Noida Authority has earned a revenue of Rs 1,466 crore this year, which is over 30% more than the target set for 2022-23.
Officials said the breach of target was because of the e-auction process that was initiated last year for the allotment of land for industrial, group housing, commercial, residential and institutional projects.
The Authority was set a target of Rs 4,880 crore for the last financial year. It managed to garner Rs 6,456 crore – officials said the difference was the highest in the past 10-12 financial years.
At the start of the 2022-23 financial year, the Authority had decided to do away with the draw of lots or interviews for allotment of industrial and IT/ITES plots. Other departments followed suit, which paved the way for the e-auction process to begin fully.
Officials said the Authority had received higher bids than the fixed reserve rate for each category. For instance, the industries department earned Rs 569 crore against the reserved price of Rs 260 crore.
Likewise, Rs 926 crore was earned by the commercial department against the target of Rs 650 crore; Rs 1,057 crore was earned against a target of Rs 600 crore by the group housing department and the residential plot department earned Rs 552 crore against a Rs 310 crore target.
Land rent, transfer fee and map compounding fee earned the Authority Rs 664 crore, Rs 433 crore and Rs 309 crore, respectively. All these are above the targets set for each.
The Authority not only spent Rs 750 crore on development and infrastructure projects, such as underpasses and elevated roads, but was also able to repay loans to the tune of Rs 950 crore for the Noida-Greater Noida metro project. Besides, the Authority also paid Rs 1,360 crore from its share for the second phase of the Noida airport.
Officials said about Rs 1,050 crore was spent on public health, maintenance and upkeep of gardens, drains and roads, among others. They added that the Authority had enough funds to complete its projects.