Greater Noida Authority likely to commence e-auction of group housing plots in June

Greater Noida group housing plots likely to be e-auctioned in June, developers likel Sobha, Godrej evince interest

The Greater Noida Industrial Development Authority (GNIDA) is likely to conduct e-auction of its group housing plots located across different sectors in June 2024 after the Lok Sabha elections across the country are over, people aware of the matter said.

Earlier the e-auction of group housing plots was to be conducted in April but it was postponed because of general elections. Under the scheme, the Authority had put on sale eight group housing plots across six different sectors.

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

According to officials of GNIDA, which is responsible for the development of areas in Greater Noida region of Gautam Budh Nagar district, two plots each are located in Greater Noida sectors 12 and Sigma III, one each in sectors Mu, Omicron 1A, Eta 2 and sector 36. The plot sizes ranged between 13,938 square metre and 38,771 square metre.

The group housing plot scheme was floated in February 2024 after a gap of 13 years as prior to this, allotments were made in this category by the Authority in around 2010. The scheme was closed in March 2024.

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Sources said that the Authority has received good response from developers for the scheme. “Some A-grade developers such as Godrej, Sobha among others have also evinced interest for group housing plots located in Greater Noida sector 12. The bids are yet to open as the e-auction is likely to be conducted after elections in June 2024. The allotment of plots will be done soon after the e-auction,” a source said.

Sobha declined to comment on the above development while there was no response from Godrej Properties towards queries send by Moneycontrol to seek a response.

The allotment 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.

However, sources said that in the e-auction the bidding rate can go even upto Rs 1 lakh per sqft as the land has already been allotted at this rate in Noida in previous e-auctions.

The plots will be allotted on a leasehold basis for 90 years from the date of the lease deed execution.

As per the scheme document, 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.