In last three years, GNIDA's debt down by Rs 2.6K crore, says CEO

Gr noida: Despite pandemic, the Greater Noida Industrial Development Authority (GNIDA) has managed to overcome with debts and financial liquidity in past three years, said officials on Tuesday.

According to CEO of GNIDA, Narendra Bhushan, the Authority has become financially stronger and debt of the authority has come down by about Rs 2,600 crore in the last three financial years.

"During the same period, the authority has spent a lot on various infrastructure and development projects while in the case of industrial investment, the authority has set a new record. For the first time in the current financial year, with three months remaining, the city has earned

Rs 315 crore through industrial investment," said Bhooshan.

According to the official report of the Finance Department, the Greater Noida Authority had a debt of about Rs 7,000 crore at the end of the financial year 2017.

"In order to overcome debts, the authority had acted in two level. Firstly, we expedited recovery from defaulters and received Rs 752 crore between April and November in the financial year 2020-21 as premium for the allotted properties while Rs 1,122 crore were received in the same period (April-November) in 2021-22. An additional receipt of almost fifty percent were from sale of properties especially industrial investment which increased rapidly," a senior officer of GNIDA's finance department said.

The official further said that the current debt of the Greater Noida Authority is about Rs 4,413 crore which is in form of loan from different banks and Noida Authority.

Meanwhile, through an official statement, the GNIDA has informed that the authority has invested heavily on public services. In FY 2020-2021,

Rs 1,168 crore were spent in public welfare schemes like Integrated Township of IITGNL (Integrated Industrial Township Greater Noida Limited), Metro, Noida Power Company Limited and Expo Mart etc. Despite the crisis, the Greater Noida Authority has spent about Rs 50 crore on the development of 124 villages under it in the current financial year (2020-21).