The announcements were made following the Noida Authority's 20th Board Meeting, which was attended by UP Industrial and Infrastructure Development Commissioner Manoj Kumar Singh.

During the meeting, the Noida authority board approved a budget of Rs 69.20 billion for 2023-24, which was also attended by Authority CEO Ritu Maheshwari.

“A target of Rs 89.20 billion in revenue and Rs 65.03 billion in expenditures has been set by the Noida Authority Board for the financial year 2023-24,” the authority said in the statement.

“For the financial year 20222-23, the authority’s target of revenue was Rs 48.80 billion and expenditure target of Rs 45.79 billion (108 per cent more than the target) was achieved,” it said.

The board noted that in the last financial year, both income and expenditure in Noida have been more than the set target.

“The main reason for higher receipts this year is the sale of industrial and residential plots through the e-auction system,” the statement added.

The Authority has made a total provision of Rs 5 billion for land purchase in the Noida area and Rs 10 billion for land acquisition in New Noida, it claimed.

The Revenue Department was urged to speed up property acquisition activities in the coming months after the Revenue Department expressed displeasure with the progress of land acquisition last year, according to the statement.

An expenditure of Rs 19.06 billion has been approved for development and construction work, which will include administrative office, Sector-96, construction of elevated road from Chilla regulator to Mahamaya flyover, and construction of elevated road, among other things.

The current fiscal year has a total provision of Rs 1.41 billion for village development, which comprises sanitary measures, road repair, and urban maintenance work, according to the statement.