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

Greater Noida emerges as favourite destination for investors

The Greater Noida Industrial Development Authority (GNIDA) has allotted five commercial plots for around Rs 253 crore. These plots can be used for the construction of hotels, malls and showrooms, officials aware of the matter said.

They said that the allotment of these plots was done through an e-auction earlier this week. These five commercial plots have a total area of over 21,820 square metres and are located in sector Alpha-2 in Greater Noida, which is in proximity with Yamuna Expressway.

Additional CEO of Greater Noida Authority, Ashutosh Dwivedi, said that these plots have been sold at an average rate of 40 percent more than the reserved price of these plots and GNIDA has got Rs 46 crore more than the base price of these plots.

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

“This encouraging response towards the auction of these plots shows that Greater Noida is one of the favourite choice for commercial investors,” Dwivedi said. He said that hotels, malls, showrooms, bank branches and other commercial establishments can be developed on these plots.

Related stories

Ashish Mishra

Prinicipal Correspondent|moneycontrol

• 
  UPRERA clears projects in emerging UP cities including Ayodhya and Jhansi
• 
  NCR’s new growth story: Peripheral areas beat city centres in real estate race
• 
  Logistics realty demand at all-time high, 3PL, e-commerce drive 55.3-msf absorption

Officials said that because of its proximity with the under construction Noida International Airport in Jewar and upcoming Film City along Yamuna Expressway, Greater Noida has become an “ideal spot” for establishments of commercial, industrial and residential projects. Businessmen and industrialists are preferring Greater Noida for investments seeing the potential for growth here, they said.

Under the scheme of commercial plots, GNIDA was to get Rs 207 crore from the reserve price in lieu of five plots, but after the bidding, it received approximately Rs 253 crore.

The Greater Noida Authority had launched a scheme for commercial plots with 4 FAR (floor area ratio) on November 10, 2023. The last date for registration was December 1, 2023 and the bidding was held on February 12 for these plots.

Also Read: Noida Authority e-auctions 6 commercial plots for around Rs 2,700 crore

Of these five plots, the largest one has an area of 11,500 square meters. The reserve price of this plot was approximately Rs 109 crore while it was sold for approximately Rs 115 crore. The remaining four plots are of 2,580 square meters each.