Noida Authority earmarks Rs 1,000 crore for land acquisition in ‘New Noida’ area

The Noida Authority has announced that it will allocate Rs 1,000 crore for the acquisition of land in the new area known as ‘New Noida.’ Additionally, a provision of Rs 500 crore has been made for land acquisition in the existing Noida area. The Authority also approved a budget of Rs 6,920 crore for the year 2023-24, during its 209th Board Meeting.

The Noida Authority Board has set a revenue target of Rs 8,920 crore and an expenditure target of Rs 6,503 crore for the financial year 2023-24. The Authority stated that it had achieved its target of revenue and expenditure for the financial year 2022-23, which was set at Rs 4,880.62 crore and Rs 4,579 crore, respectively. The board noted that in the last financial year, the income and expenditure in Noida exceeded the set target.

The Authority has directed the Revenue Department to speed up land acquisition efforts for the coming months after expressing dissatisfaction with the progress made last year. An expenditure of Rs 1,906 crore has been approved for infrastructure development and construction work, which will include administrative office, Sector-96, construction of elevated roads, and more.

The Authority has also made a provision of Rs 141 crore for village development, which will include cleanliness arrangements, road repair, and urban maintenance work. The announcement was made after the 209th Board Meeting of the Noida Authority, held in the presence of UP Industrial and Infrastructure Development Commissioner Manoj Kumar Singh and Authority CEO Ritu Maheshwari.

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