Max Estates and M3M India Pvt Ltd bid highest in the recent e-bidding process by the Noida Authority. The development body scheduled a plot auction on 21st and 22nd January.
On Wednesday, the Noida Authority sold four commercial plots at a revenue of Rs. 1500 Crore. It includes a small-size plot in Sector 50 and remaining three are in bigger sizes, the sources said.
In September and December, the plot auction scheme was opened by the Authority with eight large size. Including 20,000 sq. meter or more. It also launched small sized plot auction scheme with area less than 20,000 square meter between November 30, 2024 and January 01st 2025.
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“The Authority selected companies that placed the highest bid against the reserve price during the e-bidding process. The authority is likely to issue the allotment letter shortly, after completing all formalities,” said Lokesh M, Chief Executive Officer, Noida Authority.
The e-bidding for plot auction took place on 21st and 22nd January, the official said.
The allotment of plot rendered to the highest bid in the plot auction in comparison to other bidders.
Top Developers Acquire large land Parcel in Noida
Max Estates acquired 41,835.46 square meters plot in Sector 105 in the plot auction. The Noida Authority made an allotment of 24,000 square meters in Sector 98 to Mangalam Multiplex Private Limited.
Mangalam Multiplex Private Limited.
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M3M India Pvt Ltd acquired 23,570.92 Square meters in Sector 97, and 812.73 square meter plot to Vertex Construction, said official.
The Authority officials said not many companies expressed interest in the plot auction, thus inventory remained unsold under previous schemes.
“The rule is that at least more than two firms should participate in the e-bidding system so that the authority earns a profit. And except for these four plots, not enough companies have participated in the bidding process for the other plots. The authority will try to sell the remaining plots in a new scheme that may be launched soon.” An official on the request of to remain anonymous.
