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HomeNewsGreater Noida Authority Auction Commercial Plots near Yamuna Expressway

Greater Noida Authority Auction Commercial Plots near Yamuna Expressway

This week, the Greater Noida Authority (GNIDA) allotted five commercial plots in proximity to Yamuna Expressway. These plot allotments will witness the development of hotels, malls, and showrooms. According to the sources, the total cost received for plot allotment is Rs. 253 crore.

An e-auction took place this week, where the Greater Noida Authority sanctioned these land parcels. Located in Alpha 2 Greater Noida, these five plots cover an extensive area of 21,820 square meters. The positioning of the plots is near Yamuna Expressway. Thus, infrastructure is developing at a fast pace.

Ashutosh Dwivedi, CEO of Greater Noida said, that sanctioned plots are sold at an average rate of 40 percent. It is more than the reserved price of these plots and GNIDA received Rs. 46 crore more than the base price for these plots.

He also said, “This encouraging response towards the auction of these plots that Greater Noida is one of the favourite choices for commercial investors.” Furthermore he said, hotels, malls, restaurants, and showrooms can be built on these plots.

The plots position is said to be a prime location. The proximity to Noida International Airport in Jewar and the upcoming Filmcity next to Yamuna expressway makes it the ideal spot. Sources close to the development said it is an ‘ideal spot’ for the development of residential, commercial, and industrial hubs.

With the rapid development speed in the city, businessmen and industrialists are lured to make real estate investments here. The allotment of all five plots is done under the plot auction scheme.  The Greater Noida Authority was estimated to receive Rs. 207 crore. However, the authority received Rs. 253 crore in the auction.

The e-auction process commenced in November last year. The Greater Noida Authority opened registration to bid for commercial plots with 4 FAR (floor-area-ratio). For registration, 01st December was the last date, and the e-auction took place in February.

Out of these five plots, the biggest size plot covers an area of 11,500 square meters. The reserve price of the plot was Rs. 109 crore. However, it secured Rs. 115 crore. The remaining four plots are 2,580 square meters each.

Founded in 1991, the authority is accountable for planning, developing, and maintaining locality. Similarly, YEIDA, the Yamuna Expressway Industrial Development Authority is responsible for the development of the premises under its rights. The plots are next to the Yamuna expressway, the area is a perfect habitat for residential, commercial, and industrial development.

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