With work of the Noida International Airport in full swing, the Yamuna Expressway Industrial Development Authority (YEIDA) has fast-tracked its plans for commercial and industrial activities in the vicinity of the upcoming facility.
In the latest such scheme, YEIDA is inviting developers to buy land for the construction of hotels near the National Capital Region's second airport. Under the scheme, three plots have been put on sale, and will be allotted on e-auction basis. The scheme will end on May 21.
A similar scheme offered in November 2023 received lukewarm response and was withdrawn.
“It (the new offer) is a golden opportunity for developers and hospitality companies to invest here for setting up of star-rated hotels near the upcoming Jewar airport. We are hopeful of getting a good response from prospective bidders this time,” a YEIDA official told Moneycontrol.
Here is all you need to know about the scheme.
Number of plots and sizes
Under the scheme, three commercial plots, earmarked solely for hotels, have been put on sale. These land parcels are being offered in three sizes: 3,400 square metres (sq m), 5,000 sq m and 10,000 sq m.
Location
These plots are situated in YEIDA's Sector 28, abutting the Yamuna Expressway and also close to the Noida International Airport at Jewar. These plots also boast easy access to the east-west freight corridor, the proposed International Film City in Sector 21 and the medical devices park planned in the area.
Prices and allotment rate
The reserve price of these plots has been kept between Rs 20.10 crore and Rs 62.06 crore, while the EMD or earnest money deposit value of these plots has been fixed between Rs 2.01 crore and Rs 6.3 crore, depending on the size.
These plots will be allotted at a rate of Rs 59,100 per sq. m and preferred location charges will be additional. The applicants will also have to pay a non-refundable processing fee of Rs 2.01 lakh to Rs 6.30 lakh, excluding 18 percent goods and services tax. The authority looks to earn around Rs 110 crore from the allotment of these plots.
E-auction
According to officials, these hotel plots will be allotted through an e-auction. The e-auction will be conducted on June 14, once the Lok Sabha election ends. The plots will be allotted to successful bidders on a lease of 90 years.
Also Read: Yamuna Expressway Authority brings back group housing scheme: All you need to know
Successful allottees will be permitted to construct multi-storey buildings. However, structures exceeding 24 metres in height will need prior clearance from the Airports Authority of India.
Payment plan
Allottees will have to deposit 40 percent of the total cost of the hotel plot after adjusting the EMD within 60 days of the date of issuance of the allotment letter. The balance 60 percent will have to be paid in 10 half-yearly instalments with interest at the rate of 10 percent per annum in five years.
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