All you need to know about Greater Noida Authority’s commercial plots scheme

Greater Noida Authority launches scheme for allotment of 12 commercial plots

The Greater Noida Industrial Development Authority (GNIDA) has launched a scheme for the sale of 12 commercial plots located across four different sectors in Greater Noida.

According to Authority officials, these plots will be used to build commercial complexes, malls and other commercial stores in the Greater Noida region. The cumulative value of these 12 commercial plots at the reserve price is approximately Rs 1,014 crore.

The last date of registration for an e-auction for these plots is July 16.

Annapurna Garg, ACEO of Greater Noida Authority, said that considering the demand of investors and the need of the people of Greater Noida, the authority has launched the commercial plot scheme. Possession of land parcels will be given as soon as the e-auction and allotment process is completed, she said.

Here are five things to know about the scheme:

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Location

These 12 commercial plots are located across four different sectors of Greater Noida. Three commercial plots are located in sector 10, five plots in sector 12, three plots in sector Delta 1 and one land parcel in sector 1.

According to officials, these sectors have good connectivity with the Yamuna Expressway, which connects Greater Noida with the heritage cities of Agra and Mathura, and the Eastern Peripheral Expressway (EPE). These sectors will also be connected with the upcoming Noida International Airport in Jewar and International Film City in YEIDA sector 21.

Plot sizes

The sizes of these commercial plots range between 3,600 and 10,600 square metres (sq m). The registration for the scheme began on June 26 and the last date to apply is July 16.

Prices

The reserve price for the commercial land parcels has been fixed at Rs 90,821 per square metre. The cumulative price of these 12 commercial plots at the reserve price is approximately Rs 1,014 crore.

Allotment and payment plan

The allotment of plots will be done through an e-auction, the date of which will be announced later.

Also Read: Greater Noida Authority allots 5 commercial plots near Yamuna Expressway for Rs 253 crore

According to the scheme document, applicants will have to deposit 10 percent of the reserved price of the plot as registration money or earnest fee. There will be two payment plans for successful bidders. They can either pay the entire amount within 90 days from the date of issue of the allotment letter, where they will also get a 2 percent rebate on the entire value, or they can choose to pay 40 percent of the amount within 60 days from the date of issue of the allotment letter. The rest can be paid in three years in six equal half-yearly instalments.

FAR 4 plots

According to the broacher of the scheme, these commercial plots will have an FAR (floor area ratio) of 4 while earlier the maximum FAR allowed was 3.75.

Also Read: Five things to know about Greater Noida Authority’s group housing plot scheme

FAR is the ratio between a building’s total constructed floor area and the land area. A higher FAR means that the builder can construct more floors and have additional space for commercial activities in their projects.

Officials said that with a FAR of 4, the allottee can build 400 percent of the total plot area. With this move, more high rise commercial buildings can now be built in Greater Noida region.