The Greater Noida Industrial Development Authority (GNIDA) has put on sale 22 commercial plots located in proximity to the upcoming Noida Airport. These plots, spread across 10 sectors in Greater Noida, can be used for constructing commercial complexes, malls and other commercial stores.
The cumulative value of these 22 commercial plots at the reserve price is Rs 1,603.3 crore.
According to GNIDA officials, the last date to register for the commercial plots scheme is September 19. These plots will be allotted through e-auction.
Under the scheme, the Authority has divided 22 commercial plots into two categories — FAR 2 and FAR 4 — and will sell 11 plots each in these categories.
Here are five things to know about the commercial plot scheme:
Location
Five commercial plots are located in sector 12, four plots in Chi-Phi Extension, three plots each in sector 10 and Delta-1, two land parcels in Zeta-1 and one land parcel each in Sigma II, III, IV, Eta-1 and Knowledge Park-III.
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 1,500 square metre (sq m) and 19,000 sq m. The registration for the scheme began on August 29 and the last date to apply is September 19.
Price
The reserve price of 2 FAR plots is in the range of Rs 9.62 crore to Rs 119.53 crore while for the 4 FAR plots, it is between Rs 35.96 crore and Rs 105.89 crore. The cumulative price of these 22 commercial plots at the reserve price is Rs 1,603.3 crore.
Floor Area Ratio (FAR)
The scheme offers both 2 FAR and 4 FAR plots. 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 while in case of 2 FAR plots, built area can be 200 percent of the total plot area. Officials said the 4 FAR plots will encourage more high-rise commercial buildings in the Greater Noida region.
Allotment and payment plan
The allotment of plots will be done through an e-auction, the date of which will be announced later. The plot will be allotted to the highest bidder in the e-auction.
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. Under option 1, successful bidders can pay the entire amount, including the earnest money, 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.
In option 2, allottees can 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.
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