Greater Noida Authority Allocates Rs 500 Cr for Airport, Rs 1,200 Cr for Land

Noida, Mar 1 (PTI) The Greater Noida Industrial Development Authority (GNIDA) board on Friday allocated Rs 1,200 crore for land acquisition, Rs 500 crore for Noida Airport and Rs 30 crore for metro rail expansion this year, officials said.

Overall, a budget of Rs 4,859 crore was approved for 2024-25 for GNIDA during its 134th Board Meeting held in Greater Noida. The meeting was chaired by GNIDA Chairman and also the Industrial and Infrastructural Development Commissioner of UP Manoj Kumar Singh, in presence of the authority's CEO N G Ravi Kumar, among others.

"The (GNIDA) Board has approved a budget of Rs 4,859 crore for this financial year. This year, a budget of Rs 1,200 crore has been set for land acquisition and Rs 1,272 crore for development and construction works," the GNIDA said in a statement.

In the budget, Rs 1,500 crore has been earmarked for paying GNIDA's loans, while earnings worth Rs 4,810 crore are expected through land allotment, including Rs 1,680 crore from builders, Rs 704 crore from industries, Rs 590 crore from commercial establishments, it said.

"The budget has a provision of Rs 500 crore as GNIDA's contribution to the upcoming Noida International Airport, Rs 30 crore for phase two expansion of the metro rail network, Rs 520 crore for rural development and 'smart villages'," according to the statement.

The budget made a provision of Rs 957 crore for "urban and health" services, while Rs 280 crore was set aside for electric sub-stations (UPPCL and UPPTCL), the GNIDA added.