Noida Authority likely to auction 3 commercial plots in Sector 50 by June-end

For Representational purpose

The Noida Authority is expected to conduct an e-auction of three commercial plots by the end of June. These plots were offered under a scheme in February this year, officials said.

They said that a scheme to allot 14 commercial plots was launched in February 2023, and was given extension twice but applications were received only for three.

Officials said that five to seven applications have been received for these three plots for bidding.

"Scrutiny of applications is going on and the final approval will be sought from the Authority CEO after that. The e-auction will be conducted after the approval is granted. We are hoping to conduct the e-auction of these three commercial plots this month. In the auction, the highest bidder will be given the allotment letter," an official of the Noida Authority told Moneycontrol.

Fresh scheme for remaining plots

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He said that the remaining plots will be put up for sale under a fresh scheme.

"We have enough land bank for commercial purposes. A new commercial plot scheme may be launched in the next 2-3 months. All those investors who have committed to invest during the UP Global Investors Summit can apply for the upcoming schemes," the official said.

Asked if the United Arab Emirates-headquartered LuLu Group is also one of the bidders for these commercial plots to construct a mall as well as a hotel, the official said that the Lulu Group has not applied for this scheme.

According to officials, LuLu group had signed a memorandum of understanding with the Noida Authority earlier to invest Rs 2,500 crore in Noida and construct a mall and a hotel there.

Also Read: Greater Noida Authority launches scheme for 22 commercial plots, eyes Rs 1,100 crore revenue

The 14 commercial plots that were offered in the scheme are located in Sectors 32, 35, 40, 50, 94, 96, 108, 124, 132 and 135. Out of these 14, the three plots, which are to be auctioned, are located in Sector 50.