The Yamuna Expressway Industrial Development Authority (YEIDA) has sold nine group housing plots for over Rs 1,000 crore through e-auction for development of luxury housing projects, officials said.
There has been a growing demand for residential properties in the area owing to the upcoming international airport at Jewar. The airport is likely to become operational by early next year.
Officials said, real estate developers such as Eldeco, Purvanchal Projects, Arihant Buildwell and Gaursons, among others, have won bids for group housing plots in YEIDA Sectors 18 and 22D, which are located along the Yamuna Expressway.
YEIDA is responsible for the development of areas falling along the Yamuna Expressway in western Uttar Pradesh.
“With the Noida Airport set to become operational next year, the housing demand has grown further along the Yamuna Expressway. In a bid to capitalise on the growing demand, YEIDA floated a group housing scheme for 19 such plots in August. So far, e-auction has been conducted for nine group housing land parcels, which are located close to the upcoming greenfield airport,” an official from YEIDA told Moneycontrol.
YEIDA has earned Rs 1,034 crore through the allotment of these group housing plots, the official said. The plots will be allotted to developers for the construction of group housing projects in another three months after the necessary formalities, including payments and approvals, are completed, he added.
YEIDA has allotted group housing plots at such a large scale for the first time since 2014. Initially, though the development authority had launched a group housing scheme in September 2023, it had elicited a poor response for the scheme. Later, the scheme was relaunched in August, 2024, which attracted fresh bidders.
Pricing of group housing plots
According to YEIDA officials, the reserve prices of these group housing plots were fixed between Rs 32,375 per square metre (sq m) and Rs 35,612 per sq m depending on their size and location.
In the e-auction that was conducted last week, YEIDA allotted a 45,731.1 sq m plot to realty firm Eldeco Sohna, which is a subsidiary of the listed firm Eldeco Housing, for Rs 172.5 crore. Similarly, another 47,754.6 sq m plot was allotted to Gaursons for Rs 167.2 crore; while a land parcel, measuring 47,754.8 sq m, was allotted to Arihant Buildcon for Rs 186.6 crore.
YEIDA sold a plot, measuring 48,564 sq m, to Purvanchal Projects for Rs 185 crore; a 20,235 sq m plot to Exotica Housing for Rs 66.17 crore; another 20,235 sq m land parcel to SG Estates for Rs 66.17 crore; a 20,235 sq m plot to Vrinda Housing for Rs 67.49 crore; and a 20,235 sq m group housing plot to Agarwal Food Grains for Rs 66.8 crore. All these plots are located in Sector 22D along the Yamuna Expressway.
YEIDA also allotted a group housing plot measuring 16,188 sq m to realty firm Splendor Landbase for Rs 55.5 crore in Sector 18.
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