After a gap of over a decade, the Greater Noida Industrial Development Authority (GNIDA) has floated a scheme for allotment of eight group housing builder plots, seeking to attract real estate developers to develop residential projects in the region.
The scheme was floated on February 7 and will close on March 1, 2024, however, applications for the plots can be submitted till February 2, according to officials. GNIDA is responsible for the development of areas in Greater Noida region of Gautam Budh Nagar district.
“With the Noida International Airport set to becoming operational in October 2024, we have witnessed a strong housing demand arising in Greater Noida and Yamuna Expressway regions. So to cater to the housing needs, we have launched a scheme for eight group housing builder plots and are hopeful of getting a good response from relevant developers," a GNIDA official told Moneycontrol, requesting anonymity.
He said that the Authority has launched the group housing plot scheme after 13 years as prior to this, allotments were made in this category by the Authority in around 2010.
Location and plot sizes
These plots are located across six different sectors in Greater Noida. Two plots each are located in sectors 12 and Sigma III, one each in sectors Mu, Omicron 1A, Eta 2 and sector 36. Officials said that these sectors are located in proximity with Yamuna Expressway, which connects Greater Noida and Agra, Eastern Peripheral Expressway, which bypasses New Delhi and passes through Haryana and UP. These sectors will also be connected with proposed Film City and the upcoming Noida International Airport in Jewar.
The smallest plot, of 13,938.5 sqm is offered in Sector 36, while a 18,215 sqm plot is located in Sector Mu and a 22,558 sqm plot is in sector 12, the brochure of the scheme showed.
Similarly, 28,265 sqm plot has been put on sale in Sector Eta 2, a 30,000 sqm plot in Sigma III and a 30,470.52 sqm plot in sector Omicron 1A while a 32,350 sqm plot is on offer in sector 12. The largest plot of the scheme of 38,771 sqm is on offer in sector Sigma III.
Prices
The rates for the plots range from Rs 36,500 per sqm to Rs 48,300 per sqm. The reserve price of plots is kept between Rs 67.32 crore and Rs 178.34 crore, depending on the plot size and location. The total reserved price for these eight plots exceed Rs 970 crore.
Allotment
These group housing plots will be allotted on the basis of e-auction. The date and time of the e-auction will be announced separately. The plots will be allotted on a leasehold basis for 90 years from the date of the lease deed execution.
Officials said that the amalgamation or subdivision of allotted plots will not be allowed. However, consortiums can participate in the bidding process but they must not be changed until the completion of the full project.
Payment plan
The applicants will have to deposit 10 percent of the of reserved cost of plot as registration money along with processing fee of Rs 4.15 lakh.
The successful developers will have to pay the entire land cost within 90 days from the issuance of the allotment letter. They will have to complete the project according to the approved layout plan and obtain an occupancy certificate from the authority within seven years from the date of the lease deed execution.
How to apply
The application forms and brochures can be downloaded from www.greaternoidaauthority.in Interested parties will need to register and obtain user ID and password on the e-auction portal https://etender.sbi for application and submission of documents.
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