Noida Authority allots 92 industrial plots for Rs 450 crore

NOIDA: Noida Authority has allotted 92 of its plots — 37-acre land chunks — in different sectors of Phase II area to multiple industrial players. Officials said the allotments under the industrial plot scheme, which concluded on Thursday, would yield into immediate investments of Rs 450 crore for Noida and also generate 8,900 job opportunities once the units get operational.

OSD Avinash Tripathi said the Authority was able to command an average land premium value of Rs 15,476 per sqm and faced no difficulty in finding takers for the plots.

“A lot of people into manufacturing or apparels and garments business seemed to have applied,” he said, adding that the scheme would translate into investments of Rs 450 crore for Noida.

“The applicants have to pay 10% of the land premium upfront and the remaining 20% within 60 days. The balance amount has to be paid in instalments,” said another official.

Moreover, apart from the investments amounting to Rs 450 crore, Noida Authority secured Rs 233 crore as land cost. The scheme was launched in December last year. For 92 plots, the Authority received responses from 4,400 entrepreneurs and businessmen. Though the Authority was planning to wrap up the scheme by the end of May, it had to push the date of the draw due to the Covid pandemic.

In fact, it was the first time that the Authority had streamed the live coverage of the lottery draw over its social media platforms so that applicants who were not able to visit the draw venue (Indira Gandhi Kala Kendra in Sector 6) had a chance to go through the proceedings virtually.