Projects worth Rs 45,000 cr initiated in last 6 months: Noida Authority CEO Ritu Maheshwari
Projects worth Rs 45,000 cr initiated in last 6 months: Noida Authority CEO Ritu Maheshwari
During the UP Global Investors Summit held in February 2023, Memorandums of Understanding (MoUs) were signed for investments amounting to Rs 1 lakh crore in Noida. These MoUs reflect the commitment of various investors and companies to undertake significant projects in the region.
In an exclusive interview with Moneycontrol, Ritu Maheshwari, the Chief Executive Officer of Noida Authority, revealed that projects worth Rs 45,000 crore have already been initiated in the last six months.The investments pledged through the MoUs signify the confidence and interest of businesses in Noida as an attractive investment destination.
These projects are expected to have a significant impact on the local economy, driving employment opportunities and contributing to overall growth and development in the region.With the initiation of projects worth Rs 45,000 crore within a short span of six months, it is evident that the investments are progressing swiftly and demonstrating tangible outcomes.
These projects are likely to encompass various sectors, including real estate, infrastructure, manufacturing, and services, among others, thereby enhancing the economic landscape of Noida.The investments attracted through the MoUs highlight the favorable business environment, supportive policies, and proactive measures taken by the Noida Authority to promote investments and boost economic growth.
The successful implementation of these projects will further solidify Noida’s position as a thriving business hub and contribute to the overall development of the region.
According to Ritu Maheshwari, the Chief Executive Officer of Noida Authority, the authority achieved revenues of approximately Rs 7,000 crore in FY23, marking the highest revenue generation in the past 12 years. This notable increase in revenue reflects the success and growth of the region.
Maheshwari further stated that the Noida Authority aims to expedite the remaining investment proposals, valued at Rs 55,000 crore, within the next six to seven months. She revealed that around 45 percent of the proposed investments have already materialized in a relatively short period of six months.
The necessary approvals and sanctions have been obtained for these projects, and many of them have already commenced.The Noida Authority is actively working to ensure the smooth execution and implementation of the remaining investment proposals.
With the aim of getting the projects underway, the authority is focusing on providing necessary support and creating a conducive environment for investors. By the end of the year, the authority intends to initiate the remaining projects, boosting economic growth and further solidifying Noida’s position as a prime investment destination.
The progress made in materializing a significant portion of the proposed investments within a short span of time demonstrates the effective facilitation and execution efforts of the Noida Authority. The successful implementation of these investments will bring forth new opportunities, create employment, and contribute to the overall development and prosperity of Noida.
Ritu Maheshwari highlighted the need to allocate land for new projects in order to facilitate their initiation and implementation. She acknowledged that land availability poses a challenge, particularly when it comes to larger plots for commercial, institutional, and industrial purposes. However, the Noida Authority is actively working on expanding its reach to a new development area called New Noida.
Maheshwari emphasized that New Noida holds significant potential as an attractive location for investments. The authority is currently finalizing the master plan for this area and aims to have projects up and running within a year. The development of New Noida presents a significant opportunity for future growth and expansion, as it will provide larger plots that can accommodate various commercial, institutional, and industrial ventures.
By expanding its reach to New Noida, the Noida Authority aims to address the challenge of limited land availability and provide a fresh avenue for investment and development. This strategic move will create new opportunities for businesses, attract investments, and contribute to the overall economic growth of Noida.
Huge revenues
Ritu Maheshwari highlighted that FY23 was an exceptional year for the Noida Authority, characterized by significant revenue generation. The authority successfully floated schemes across various segments, including residential, commercial, industrial, and institutional, which resulted in substantial revenues from land sales, property registrations, and other related activities.
Maheshwari further noted that the revenue collection achieved in FY23 was particularly remarkable considering the authority’s six-year presence in Greater Noida and almost 12-year tenure in Noida. This revenue collection is second only to the highest recorded revenue of Rs 8,000 crore in 2013.
The strong revenue performance in FY23 underscores the successful implementation of the authority’s schemes and its ability to capitalize on the opportunities presented in the real estate market. The consistent efforts in offering attractive schemes and facilitating property transactions have contributed to the authority’s robust financial performance and overall growth.
The Noida Authority’s significant revenue generation in FY23 signifies its success in meeting the demand for land, properties, and infrastructure in the region. It also highlights the authority’s commitment to driving economic development, attracting investments, and fostering sustainable growth in Noida.
Group housing
Ritu Maheshwari highlighted the success and traction of the upfront lump sum payment plan for group housing plots in Noida and Greater Noida. She stated that nearly seven group housing plots have been sold based on this payment structure, indicating its popularity among developers.
Additionally, Maheshwari mentioned that a significant number of reputed builders are now applying for group housing projects in the region. For instance, Godrej has been allotted two plots in the current financial year, and other prominent names such as the Max Group and Gaursons have applied for a group housing plot in sector 43 of Noida.
The increasing interest from renowned builders and developers in group housing projects demonstrates the confidence and attraction towards the real estate market in Noida and Greater Noida. The upfront lump sum payment plan has been successful in facilitating transactions and encouraging participation from prominent industry players.
This positive response indicates the growing opportunities and potential for the development of group housing projects in Noida and Greater Noida. The involvement of reputed builders further reinforces the market’s strength and the prospects for high-quality residential offerings in the region.
Builder dues
Real estate developers in Noida and Greater Noida collectively owe approximately Rs 26,000 crore to the Noida Authority and around Rs 14,000 crore to the Greater Noida Authority, according to Ritu Maheshwari. She clarified that any decision regarding rationalization of interest payments or the implementation of a one-time settlement scheme would need to be made by the state government.
Maheshwari emphasized that the Noida Authority has already taken necessary actions within its jurisdiction to address the situation. They have introduced a rescheduling scheme and rationalized time extension charges, resulting in some defaulters depositing their dues under these schemes. However, she noted that if a comprehensive package is to be implemented, it would require the involvement and consideration of the state government.
The Noida Authority has proactively undertaken measures to address the outstanding dues issue, but the resolution of the matter beyond their purview lies in the hands of the state government. The possibility of rationalizing interest payments or offering a one-time settlement scheme would need to be assessed and decided upon by the government.
The remarks by Maheshwari highlight the need for a comprehensive approach involving both the Noida Authority and the state government to address the outstanding dues and seek potential solutions for developers’ repayment of debts.
Pending registrations
Ritu Maheshwari stated that there are approximately 40,000 pending flat registrations across approximately 110 projects in Noida. These registrations include both ongoing and delayed projects. To support homebuyers, the Noida Authority has introduced various initiatives, such as flat-wise registrations, aimed at streamlining the registration process and providing benefits to buyers.
