Construction Industry News
The Noida Authority is gearing up to launch around 1,200 plots across categories including industrial, residential, commercial and institutional as part of upcoming plans. The authority has also announced plans to cancel plots where construction has not commenced within the lease period, with a public notice to be issued before cancellations.
In a meeting chaired by Lokesh M, CEO, Civil Department, it was reported that 1,190 vacant plots in sectors in working circles 1 to 10 remain unoccupied. These plots are either unallotted, allotted but without construction or cancelled due to various issues.
The CEO directed the asset departments to verify the status of these plots and start floating new plans for the unallocated plots. The Noida Authority aims to allocate 550,000 square metres (135 acres) of land this fiscal year.
Allocations include 320,000 square metres for institutional purposes, 100,000 square metres for industrial sectors, 67,500 square metres for residential plots, 35,000 square metres for commercial use and 13,800 square metres for group housing projects. The authority aims to generate Rs 37.95 billion in revenue from these allocations, with major contributions expected from the group housing and commercial sectors.
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