Greater Noida integrated township to launch first group housing plots scheme, eyes over Rs 1,100-cr revenue

IITGNL to launch its first group housing plots scheme, eyes revenue of over Rs 1100 crore

The Integrated Industrial Township Greater Noida Limited (IITGNL) will soon roll out its first group housing scheme where four plots of different sizes will be on the block. The sale is expected to fetch anything above Rs 1,100 crore for the authorities, officials said.

IITGNL is a joint venture between Delhi Mumbai Industrial Corridor (DMIC) and Greater Noida Industrial Development Authority (GNIDA) and is designed as a smart township equipped with plug-and-play infrastructure and an automatic solid waste management system.

The IITGNL officials said that instructions to launch the first group housing scheme were issued at a recent meeting of the board. The four plots will be allotted though an e-auction.

“The board meeting of IITGNL was held last week, in which the allotment rate was approved. The reserve price for the group housing plots in this township has been fixed at Rs 44,400 per square metres. We are hoping to roll out the group housing plot scheme in around a month’s time,” a GNIDA official told Moneycontrol.

IITGNL, which was set up under the Centre’s flagship DMIC plan, has planned the township over 750 acres near the Bodaki railway station in Greater Noida.

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IITGNL Director Prerna Singh said that out of the four housing plots, one measures 34,500 square metres, the second 54,400 square metres, the third 70,000 square metres and the fourth or the largest one measures 94,000 square metres. “On the basis of the reserve price, the total price of these four plots has been fixed at approximately Rs 1,123 crore. So, even if these plots are sold at the base price, the board will earn at least Rs 1,123 crore,” she said.

She said that many big builders in NCR and from other parts of the country interested in investing in the IITGNL project. In such a situation, a large number of developers are likely to participate in the e-auction.

All the processes of the group housing scheme - be it registration, application, fee deposit or e-auction - will be online. Besides deciding allotment rates for group housing plots, the IITGNL board has also fixed the rates for industrial and commercial land parcels for 2024-25. The allotment rate for industrial plots will be Rs 23,900 per square metres and the rate for commercial plots will be Rs 75,400 per square metres.

A dozen big companies are setting up their plants in this township. Companies like Haier Electronics, Forme Mobile, Satkriti Infotainment, Chenfeng (LED company) and J World Electronics are also operating in this township.