Noida, Greater Noida seek ₹120,000 crore investment

The Noida and Greater Noida authorities have each set a target of obtaining investments to the tune of ₹60,000 crore this financial year 2022-23. The move comes after chief minister Yogi Adityanath set a target of ₹10 lakh crore for the Uttar Pradesh global investors summit in February 2023 and directed top district officials to set individual targets and contribute to the summit. The state government wants Noida and Greater Noida to receive the lion’s share of investment at the summit, said officials.

“We have fixed the investment target at ₹60,000 crore each for Noida and Greater Noida. We have started holding meetings with investors, business groups and industry associations. The investment proposals have come from different groups for Noida. We will soon get applications for Greater Noida as well,” said Ritu

Maheshwari, chief executive officer of the Noida and Greater Noida authority.

Noida has signed a memorandum of understanding (MOU) of ₹1,500 crore with several business groups. “We have directed all departments of the two authorities, such as industry, institutional and group housing, to cancel the allotment of plots where nothing has been constructed and whose land dues remain pending. We will allot the land to new investors,” said Maheshwari.

In Greater Noida alone, there are at least 35 allotments, including in the group housing and commercial categories, which have been cancelled and can be given to new investors. The authority also has at least 700 acres of fresh industrial land that will be allotted to new investors, said officials.

“We will resell only those plots that are litigation-free,” Maheshwari added.

She said each department in the two authorities has been given instructions that they should cancel the allotment of plots in hospital, school, commercial, industrial, group housing or other land use categories, wherever there is a default.

A big investor from Dubai has shown interest in Noida and Greater Noida and has met officials of the two authorities to know about schemes and their terms, she added. “They want to buy 50,000 square metres plot in both Noida and Greater Noida. They are likely to sign an MOU with us,” Maheshwari said.

We have started holding meetings with investors, business groups and associations. RITU MAHESHWARI, CEO of Noida and Greater Noida authorities