Greater Noida development body improves its finances with recoveries, schemes

GREATER NOIDA: The Greater Noida Industrial Development Authority (GNIDA), which had a financial debt to various banks of about Rs 7,000 crore till 2017, has reduced it by Rs 2,587 crore over the last three financial years.

The financial health of development bodies in Gautam Budh Nagar, mainly Noida Authority and GNIDA, has been under stress because of large dues accrued by realtors against land allotment. The Greater Noida authority said it had managed to recover Rs 1,874 crore from defaulters as premium for allotted properties, including additional receipts, and its revenues had been bolstered by sale of properties in allotment schemes that
netted Rs 315 crore alone from industrial investments in the current financial year.

“In the last three years, the authority has become financially stronger despite the corona crisis. This is confirmed by the fact that the debt of the GNIDA has come down by almost Rs 2,600 crore while we have also spent a lot on various projects
during the same period,” said GNIDA CEO Narendra Bhooshan. “In industrial investments, the authority has set a new record. For the first time in the current financial year and with three months still to go, it has earned Rs 315 crore through industrial investments alone,” Bhooshan told TOI. Earlier this week, Bhooshan reviewed the GNIDA balance sheet.

“The GNIDA now has a debt of about Rs 4,413 crore. If the dues are received from builders, which owe a bulk of the amount, then the authority will not only repay its loan, but the bank balance will also get better,” Bhooshan added. Ravindra Singh of Greater Noida authority’s finance department said the top two revenue earners were industrial allotments and commercial allotments (Rs 209 crore).