Noida authority allots 60,000 sq metre land to Microsoft at Rs 103.66 crore

Noida authority has allotted 60,000 square metre institutional plot to Microsoft India (R&D) pvt ltd at the premium of Rs 103.66 crore.

As per the agreement, the company will have to deposit 40% of the amount within a month to execute the sale deed while remaining 60% need to paid in eight instalments in four years.

“The company will be given five years to complete the project. The investment by Microsoft in Noida will help NCR to develop as a software hub. It will also create job and encourage other companies to invest in the region,” the authority said in a statement.

Greater Noida, Yamuna and Noida authority has been coming up with schemes to allot industrial and institutional plots to companies to encourage private investment in the region.

In total, 64 industrial plots, spread in 54 acre were available for allotment in Greater Noida. With some companies are interested to invest in data centre, the authority expect a total investment of Rs 7130 crore and employment opportunity for 9000.