To make it one of the biggest investment destination, a whopping Rs 8500 crore will be spent in the first phase to develop New Noida, which will also be known as the Dadri-Noida-Ghaziabad Investment Region (DNGIR).
According to the detailed information, Rs 4500 crore will be spent to buy 3000 hectares of land while Rs 4000 crore will be spent for the development of 1500 hectares of land. The authority will seek funds from the government and the land acquisition work will start as soon as the funds are received.
Noida Authority CEO, Ritu Maheshwari, has asked the School of Planning and Architecture, which has been given responsibility to prepare its plan, to make a financial model. It has been clearly instructed that the financial plan should be prepared in such a way that while acquiring the farmers land, they will get the right compensation and there should not be any shortcoming in the matter of compensation.
New Noida will be developed across 21,102 hectares spread through 85 villages of Greater Noida and Bulandshahar, where residential, industrial, institutional, traffic and transport, green area, and utility, water body, etc will be available. In this, 41 per cent industrial, 11.5 per cent residential, 17 per cent greenery and 15.5 per cent roads, 9 per cent institutional and 4.5 per cent commercial areas will be developed.
In this, 20 villages of Gautam Budh Nagar and 60 villages of Bulandshahar will be included. Big companies like Ikea, Adani, Microsoft, have expressed interest to invest in New Noida. With the development of the Dadri-Noida-Ghaziabad Investment Region employment opportunities will also increase and the surrounding districts of Noida will also develop.
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