The Noida Authority earned a revenue of Rs 6,456 crore in 2022-23, beating the target of Rs 4,880 crore by Rs 1,576 crore or nearly 32 percent, it said.
The excess revenue was received by adopting e-auction in allotment of land parcels for industrial, commercial, residential, group housing and institutional segments. In the e-auction process people made higher bids for assets than the reserve or base price, which resulted in surplus revenue, Noida Authority noted.
“Industrial department collected revenue of Rs 569 crore as against the target of Rs 260 crore. The revenue collection target of commercial department was Rs 650 crore while the department collected Rs 926 crore. Similarly, the group housing department collected revenue of Rs 1,057 crore against a target of Rs 600 crore. The residential land department collected revenue of Rs 552 crore while the target was Rs 310 crore for the financial year 2022-23,” the authority said.
The Noida Authority’s annual expenditure on providing civic amenities including sanitation, road repair, water supply, park maintenance, etc., and on payment of salaries is around Rs 1,500 crore. It spent around Rs 750 crore on various infrastructure projects such as construction of underpasses and flyovers in 2022-23.
The authority has paid Rs 1,360 crore as its share for the development of the second phase of the under-construction Noida International Airport in Jewar, apart from paying Rs 950 crore towards the loan taken for the Noida-Greater Noida metro rail project.
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According to officials, the revenue generation would have been even higher had the dues pending with builders been cleared. Only about 30 defaulters—10 in Noida and 20 in Greater Noida—had shown interest in the reschedulement policy and came forward to reschedule their payments. The authority is expected to get around Rs 100 crore from these builders who opted for the policy, officials said.
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