The Greater Noida authority has began enterprise steps to enhance its monetary well being as it’s confronted with the problem of paying off round ₹5,000 crore mortgage to completely different banks and the Noida authority.
The Greater Noida authority officers says it took a ₹6,000 crore mortgage prior to now 10 years from banks and the Noida authority to pay a further 64.7% compensation for the land acquired from farmers.
Of this, this month, it paid round ₹1,100 crore to the HDFC and the Financial institution of Baroda, senior officers stated, including that an quantity of ₹4,900 crore stays to be paid.
The authority is promoting land by completely different schemes for industrial and business use to elevate income and settle the remaining dues, stated officers.
In accordance to chief government officer, Greater Noida authority, Ravikumar NG, they’ve paid ₹1,100 crore to the HDFC and the Financial institution of Baroda. “Now, we’ve determined to pay ₹10 crore each month to the Noida authority in order that they’ll repay a ₹2,900 crore mortgage that they took for various functions,” he stated.
The Greater Noida, in 2009, had taken a ₹3,785.95 crore mortgage from the cash-rich Noida authority when it was required to repay the hiked land compensation to the farmers and for different functions.
Until 2020, the debt-ridden Greater Noida failed to pay up the dues, citing the actual property sector slowdown, stated officers. However, in 2022, it began paying the debt to the Noida authority because the greenfield Noida airport, arising in Jewar, boosted progress in that area, incomes the Greater Noida authority extra income out of land gross sales, amongst others, stated officers. The Noida authority costs a 9.7% curiosity on this debt.
“We purpose to quickly eliminate the mortgage quantity by growing our income assortment,” Ravikumar NG stated.
The authority has additionally invested ₹1,500 crore in mounted deposits in banks for an annual curiosity of seven.85%, stated officers, including that ₹1,000 crore have been invested within the Union Financial institution of India and ₹500 crore within the Financial institution of Baroda.
The Greater Noida authority is probably going to give you extra plot schemes for industrial, business and different makes use of this yr in a bid to elevate income, stated officers.
The authority, nevertheless, is but to determine the dates for launching these schemes, however all schemes-related formalities have been accomplished, stated officers.
The Greater authority is creating new industrial sectors together with Ecotech Extension 1, 2, 3, 4, 5, 6, 7 and eight, amongst others, to present land to industrial items, stated officers.
Because the Noida airport will begin operations in 2024-end, the demand for the commercial and different class of land has spiked thereby serving to the Greater Noida authority to gather extra income.
In 2020, the Noida authority had advised to the state authorities that the Greater Noida authority can hand over its land in lieu of dues however that proposal was later rejected. Since then, the Greater Noida authority has paid round ₹900 crore dues, stated officers.