Realty firms Eldeco and Purvanchal Projects buy group housing plots near Noida airport

Yamuna Expressway Authority sells two plots near Noida airport for Rs 246 crore

Eldeco Infrastructure & Properties Ltd (EIPL) and Purvanchal Projects Private Ltd have won bids in a Yamuna Expressway Authority e-auction for two group housing plots near the upcoming Noida International Airport.

The Yamuna Expressway Industrial Development Authority (YEIDA) had put on sale two group housing plots measuring 20,000 square metre (sqm) and 40,000 sqm on sale. Eldeco won the bid for the 20,000 sqm plot while Purvanchal Projects purchased the 40,000 sqm plot.

Both the group housing plots are located in sector 22D off Yamuna Expressway which connects Greater Noida with the heritage cities of Mathura and Agra. The YEIDA sold these plots cumulatively for around Rs 246.44 crore. YEIDA is responsible for the development of areas falling along the Yamuna Expressway in in Uttar Pradesh.

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According to YEIDA officials, Eldeco and Purvanchal Projects had emerged as the highest bidders for 20,000 sqm and 40,000 sqm plots respectively.

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“The reserve price for the 20,000 sqm plot was Rs 71.22 crore while it was Rs 142.45 crore for the 40,000 sqm group housing plot. Eldeco placed the highest bid of Rs 96.86 crore for the 20,000 sqm plot while Purvanchal Projects placed the highest bid of Rs 149.57 crore for the 40,000 sqm plot. YEIDA will get around Rs 246.44 crore from the sale of these plots near Noida International Airport in Jewar,” a YEIDA official told Moneycontrol.

There was no immediate response from Eldeco and Purvanchal Projects on the development. The report will be updated after receiving a response.

The scheme

YEIDA had floated a scheme for six group housing plots off Yamuna Expressway near Jewar airport in April this year and the last date to apply for bids was May 20 but the scheme was rolled over for two weeks because of no response from bidders. Later during the extension period two applications each were received against two plots so the e-auction of only two plots was conducted on July 12, the official said.

The last time the YEIDA had allotted group housing plots was in 2014. So far the Authority has allotted group housing plots to 13 real estate developers who are constructing residential projects including townships along Yamuna Expressway.

Eldeco Infrastructure and Properties Ltd is part of the Eldeco Group and a sister-concern company of Eldeco Housing and Industries Ltd, which is listed on BSE Ltd. EIPL was established in 2000 to undertake projects in the Delhi NCR region and in recent years it has expanded in other regions as well.

Purvanchal Projects Private Ltd is a Delhi-NCR based developer and the firm was established in 1994. It has so far executed over 32 projects across Delhi, Noida and Greater Noida.