Greater Noida Authority sells 23,600-sqm builder plot for Rs 110 crore

For representational purpose

The Greater Noida Industrial Development Authority (GNIDA) has sold a 23,600-square-meter (sqm) plot in Sector Zeta One for Rs 110 crore, a move that will pave the way for the construction of around 1,100 new flats on this piece of land, officials privy to the development said.

They added that the plot was allotted through e-auction for Rs 110 crore, which is nearly Rs 1.5 crore higher than the reserved price.

Also Read: Greater Noida Authority launches scheme for allotment of 186 residential plots

GNIDA Officer on Special Duty (OSD), Saumya Srivastava, said that the bids for plot number GH-128 located in Sector Zeta One opened on Friday.

“The reserve price of the 23,600-square-metre plot was Rs 108.5 crore which was allotted to Prasu Infra Limited. The allotment letter will be issued soon by the authority to the allottee. The authority will receive about Rs 110 crore in 90 days for the allotment of this plot,” he said.

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An email sent to Prasu Infra Limited for comment on the deal did not yield any response.

Srivastava said that the lump sum payment will ensure that there will be no hindrance to the project, which can be completed easily. Around 1,100 flats will be constructed on the plot, he added.

People are looking to invest in various categories of properties  ̶  industry, data centres, residential projects – in Greater Noida, indicating that the area is turning out to be a favoured investment destination.

GNIDA’s builder department launched a scheme for 10 builder plots in February this year, and the scheme closed in April 2023. These builder plots, located across eight different sectors, measured between 12,500 sqm and 404,172.36 sqm.

The reserve price for these 10 builder plots ranges between Rs 35,000 per sqm and Rs 46,200 per sqm.

A GNIDA official said that of these 10 builder plots, bids were received for only plot number GH-128, which thereafter, underwent the e-auction process. The remaining nine plots failed to witness any buyer interest.

“We will put the remaining builder plots on sale afresh through new schemes. We are trying to ascertain the reason for the tepid response for the remaining nine plots,” the official said.

As per the norms, a minimum of three bids are required against each plot to advance the process to the next stage of e-auction.