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Noida Authority likely to extend deadline for commercial plots scheme

Confirms that LuLu Group has not yet been allotted land parcel in Sector 108

The Noida Authority has invited applications for 14 commercial builder plots

The Noida Authority has invited applications for 14 commercial builder plots

The Noida Authority has invited applications for 14 commercial builder plots in the satellite city’s sectors 108, 124, 132 and 135. Companies can bid for these commercial and mixed land use plots ranging from 871 sq m to 51,417 sq m, officials said.

The scheme was to close on March 31, sources said, adding it is likely to be extended by a week.

The allotments will be through e-auctions.

Asked if the United Arab Emirates-headquartered LuLu Group has been allotted land in Sector 108 to construct a mall as well as a hotel, officials said that no such allotments have been made so far.

“All firms desirous of taking up commercial space have to participate in the bid. There is a process that has to be followed. This is an ongoing scheme and documents of those who participate will be scrutinised after the bid. The highest bidder will receive the allotment letter,” one of them said.

The person said that authority had entered into a memorandum of agreement with LuLu Group earlier and the group will be investing Rs 2,500 crore in Noida.

The scheme for allotment of 14 commercial plots was launched by the authority on February 20 with the last date of application set as March 13, but the scheme was given an extension till March 20 and again till March 31 due to lukewarm response.

“We are now planning to extend the scheme by another one week. Orders in this connection are likely on Monday. After the extension the scheme will close on April 11 or 12. So now interested parties will have more time to apply. Bids will be opened after the scheme is closed and then only we can know about the applicants,” a source said.

Officials said that since the last date has been extended, the authority is anticipating a good response. The commercial plots are located in sectors 32, 35, 40, 50, 94, 96, 108, 124, 132 and 135.

Authority officials said buyers must register on the portal and deposit a non-refundable and non-adjustable processing fee, separately, against each plot. They said that the e-auction will be conducted only after each plot gets a minimum of three applications.

Last month, MA Yusuff Ali, the UAE-based chairman of LuLu Group, had announced at the UP Global Investors Summit that the company would be investing Rs 6,000 crore in the state.

“I already have a LuLu Mall set up in Lucknow and my next projects are malls in Gorakhpur, Prayagraj and Varanasi. I am also setting up a food processing plant in Noida. I would be acquiring 100 acres of land in Jhansi for a new food processing unit there. I have decided to make an overall investment of Rs 50,000 crore,” he was quoted by Hindustan Times as saying.

A detailed questionnaire has been sent to LuLu Group by Moneycontrol. The copy will be updated once they respond.

Moneycontrol Features
first published: Mar 31, 2023 06:07 pm