Greater Noida development body reduces its financial debt by Rs 2,600 crore

GREATER NOIDA: The Greater Noida Industrial Development Authority (GNIDA), which had a
financial debt incurred from various banks of about Rs 7,000 crore accumulated till 2017,
managed to reduce it by Rs 2,600 crore (Rs 2,587) since the last three financial years.
This was achieved on two levels. The authority first, expedited recovery from defaulters to about
Rs 1,874 crore between April and November in the financial year 2020-21 as premium for the
allotted properties including additional receipts and after that, by speeding up sale of properties
including commercial, builder and industrial allotments where despite the Covid pandemic, the
authority earned Rs 315 crore alone from industrial investments in the current financial year
2021-22 even as there are still three more months left for the financial year closure.
“In the last three years, the authority has done a good job despite the corona crisis and has
become financially stronger. This is confirmed by the fact that the debt of the authority has come
down by almost 2,600 crore in the last three financial years, while we have also spent a lot on
various projects during the same period,” said Narendra Bhooshan, CEO GNIDA.

Bhooshan said, “In the case of industrial investment, the authority has set a new record. For the
first time, in the current financial year and with three months still remaining to go, the city has
earned Rs 315 crore through industrial investments alone.”
On Tuesday, CEO Bhooshan reviewed the authority’s balance sheet for the financial year 2020-
21 with officials of the finance department where the latter’s report revealed a debt of about Rs
7,000 crore at the end of the financial year 2017 with various banks including HDFC, ICICI etc.
The authority acted on two levels. “First, we expedited recovery from defaulters. This increased
receipts of Rs 752 crore between April and November in the financial year 2020-21 as premium
for the allotted properties while Rs 1,122 crore were received as additional receipts in the same
period. This is almost 50 per cent additional receipts,” said Bhooshan.
After that, the authority accelerated property sales. Bhooshan added that increase of
commercial and industrial sale of properties along with sustained lease rent recovery also
increased the income for the authority. “Industrial investment in particular, grew rapidly which
reduced the debt from the income earned from these allotments,” Booshan further said, adding
that Greater Noida has become a major centre for investors in terms of industrial investment.
“According to the balance sheet for the financial year 2020-21, the Greater Noida Authority now
has a debt of about Rs 4,413 crore. This loan is from different banks and Noida Authority. If the
dues are received from the builders, whom we owe bulk of the amount, then the authority will
not only repay its loan, but the bank balance will also get better,” said Bhooshan.
Ravindra Singh from the finance department of GNIDA said that the top two income earners for
the authority has been the industrial allotments with Rs 315 crore earned in the financial years
2021-22 followed by commercial allotments at Rs 209 crores between April to November 2021-

Next were the builder recoveries of Rs 200 crore and revenue earned from lease rent of Rs
132 crore during the same period.
Apart from this, the authority also received Rs 56 crore in dividend in the financial year 2020-21
as compared to previous year when the dividend earned was mere Rs 6 crore.