Uttar Pradesh’s development authorities have achieved a remarkable surge in earnings, collectively recording a staggering 175% increase during the financial year 2023-24 (FY24), surpassing Rs 12,700 crore in revenue.
The substantial boost in earnings is primarily attributed to the sale of housing properties, particularly flats, which contributed to almost 50% of the total revenue generated. Among the development authorities, the Uttar Pradesh Avas Vikas Parishad (UP Housing Board) emerged as the top earner, accounting for 30% of the total earnings, amounting to Rs 3,757 crore. Leading the pack, the Lucknow Development Authority (LDA) reported earnings exceeding Rs 1,700 crore, followed closely by the Bareilly Development Authority with Rs 1,078 crore, Ghaziabad Development Authority with Rs 820 crore, and Kanpur Development Authority with Rs 771 crore. In addition to boosting revenue, the development authorities also managed to trim down their expenditure by over 5%, further enhancing their financial performance.
These achievements come in line with directives from Uttar Pradesh Chief Minister Yogi Adityanath, who urged the development bodies to explore innovative avenues for revenue generation to support balanced development initiatives. Adityanath emphasised the importance of periodic reviews of revenue targets and encouraged the adoption of modern technology to streamline revenue collection processes. The state’s municipal corporations have also witnessed a significant uptick in revenue collection, with the top 17 cities reporting a 33% surge to Rs 3,100 crore. Notably, Lucknow and Kanpur municipal corporations led the pack with revenues of Rs 904 crore and Rs 534 crore, respectively, followed closely by Ghaziabad, Prayagraj, and Agra. Overall, these developments underscore Uttar Pradesh’s commitment to bolstering its financial infrastructure and driving economic growth through efficient revenue management strategies and prudent fiscal policies.
