YEIDA (Yamuna Expressway Industrial Development Authority) is all set to introduce plotted development near Noida airport. It will include 19 plots in the area of 16,188 sqm (2.8 acres) to 48,564 sqm (12 acres).
The authority ensures the well-positioning of plots in the residential localities of Sectors 17, 18, and 22D. This development in residential real estate will cater to the rising demand for housing properties near the upcoming airport. It will also be a significant move to encourage commercial real estate in the nearby localities.
E-auction is planned for the allotment of plots and the reserve price for land parcels is between Rs. 32,375 and Rs. 53, 612 per sqm. YEIDA’s new group housing scheme is likely to offer 25,000 flats under distinguished segments. It includes affordable to luxury housing sectors.
Sector 22D will have eight residential plots with four sizes of 20,235 sqm each. Followed by two plots of 47,754 sqm each and one plot will be in 45,731 sqm. The remaining one will be in the size of 48,564 sqm.
The reserve prices for plotted development will vary between Rs. 65.71 crore and Rs. 173 crore.
In Sector 18, a total of six plots will be auctioned for allotment, each will cover 16,188 sqm. Out of these, five plots have a reserve price of Rs. 55 crore, while one has a reserved price of Rs. 58 crore.
Similarly in Sector 17, YEIDA put up five plots on auction for allotment. The two amongst them are in the size of 11,513 sqm each. One plot is in 12,141 sqm another is in 20,235 sqm and the last one is the largest in 24,282 sqm.
The reserve price for these plots is between Rs. 37 crore to 78 crore. Overall, these 19 plots cover a total of nearly 4.3 lakh sqm. The average reserved price for the total plotted development is approximately Rs. 1,407 crore.
Arun Vir Singh, YEIDA CEO said, “We anticipate significant rise in housing demand in the area, driven by industrial development in the next few years. People working in factories and other major projects will need housing facilities. We plan to bring at least another 30 group housing plots in the future. ”
YEIDA’s move to introduce group housing received a positive welcome from developers in the market, considering the high demand for residential properties in the area.
Manoj Gaur, President CREDAI NCR said, “There is a huge gap between demand and supply due to the scarcity of land in Noida and Greater Noida. These new plots will help bridge this gap. Previously, investors were mainly interested in buying plots and flats along the Yamuna expressway, but now there is a real demand.”
He further added that this development won’t directly hamper apartment prices, as the demand for 2BHK for affordable homes is witnessing a low.
He said, “There could be a slight decrease in prices with the availability of so many plots.”
Earlier in April, 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.
