The Greater Noida Industrial Development Authority (GNIDA) has launched a scheme for the development of shopping malls, shopping complexes, and hotels in different sectors of the city. For this purpose, the authority has put on sale 18 commercial plots in six different sectors of Greater Noida, officials aware of the matter told Moneycontrol.
They said that the cumulative reserve price of all 18 plots is around Rs 1,134 crore. Registration for the scheme is open till March 21, and documents can be submitted till March 23, 2024.
Also Read: Five things to know about Greater Noida Authority’s group housing plot scheme
NG Ravi Kumar, Chief Executive Officer of GNIDA, said that considering the demand of investors and the need of the people of Greater Noida, the authority has launched the commercial plot scheme with a FAR (floor area ratio) of four.
Possession will be given as soon as the e-auction and allotment process is completed, he said.
Here are five things to know about the GNIDA commercial plot scheme:
Location and plot size
The plots are located across six different sectors of Greater Noida. Four commercial plots are located in sector 10, six plots in sector 12, and five in sector Delta 2. The Ecotech 12, Alpha 2, and Techzone sectors have one plot each.
Officials said that these sectors have good connectivity with the Yamuna Expressway, which connects Greater Noida and Agra, and the Eastern Peripheral Expressway, which bypasses New Delhi and passes through Haryana and Uttar Pradesh (UP). These sectors will also be connected with the proposed Film City and the upcoming Noida International Airport in Jewar.
The sizes of these commercial plots range between 2,313 and 12,000 square metres (sq m).
A FAR of 4
According to Greater Noida Authority officials, this is the first time that the Authority has put on sale commercial plots with a FAR of 4. In its earlier schemes, the maximum FAR allowed was 3.75.
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, high rise commercial buildings can now be built in Greater Noida, they said.
Prices
The rates for the plots range from Rs 67,000 to Rs 86,000 per sq m, depending on the sector where the plot is located.
Allotment and payment plan
The allotment of plots will be done through an e-auction, the date of which will be announced shortly.
Applicants will have to deposit 10 percent of the reserved price of the plot as registration money. According to officials, 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.
What can these plots be used for?
According to GNIDA officials, only commercial activities will be allowed on these plots. These plots can be used for the construction of shopping malls, hotels, offices, shopping complexes, showrooms, restaurants, banks, retail outlets, banquet halls, etc.
Also Read: Greater Noida Authority allots 5 commercial plots near Yamuna Expressway for Rs 253 crore
“Commercial activities on these plots will also cater to the daily needs of residents living in these sectors,” Kumar said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
