The Noida Authority has e-auctioned six commercial-builder plots for around Rs 2,700 crore, the Authority said in a statement on November 15. These plots, in different sectors, have a total area of over 82,949 sq m.
According to the statement, there were five participants—Aditya Infracorporation Pvt Ltd, Designarch Infrastructure Pvt Ltd, Purvanchal Projects Pvt Ltd, Lavish Buildmart Pvt Ltd (M3M) and Avenue Supermart Ltd.
They plan to build commercial shops, office spaces, retail stores, shopping malls, showrooms, commercial complexes, hotels, restaurants, etc., on these plots.
Lavish Buildmart (M3M) Group alone will invest Rs 2,002.41 crore in Noida. Purvanchal Projects will invest Rs 307.50 crore and Designarch will invest Rs 170.70 crore on two plots.
Total revenue realisation after the e-auction will be Rs 2,693.21 crore, the Authority said.
Also read: Noida Authority may launch a few plots for warehousing in upcoming schemes, says CEO
“After the Coronavirus pandemic, the Noida (Authority) has earned revenue and investment of around Rs 2,700 crore, which is an achievement for the Noida Authority. This step will become a new dimension of development for Noida residents,” the statement said.
The Authority said that the scheme for commercial builders’ plots for different sectors was first published on September 1 this year for one month. Single tenders were received for seven out of the 55 plots. The scheme was extended twice and the e-auction was conducted on November 15.
"We are entering Noida market with an investment of Rs 2400 crores in the project. We stand for trust, quality, and adherence to timelines. With a proven track record in the NCR market, we will continue to work with the same intent in our new project in Noida. We are targeting to commence this mix-use project, consisting of housing, retail and service apartments in the first quarter of 2023. This will also generate 10,000 direct jobs for people," said Pankaj Bansal, Director, M3M India.
Also read: Builders may have to pay land dues to Noida, Greater Noida Authorities at a higher rate
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