Yamuna Expressway Authority floats scheme for plots for hotels near Noida International Airport

For representational purpose

The Yamuna Expressway Industrial Development Authority (YEIDA) has launched a scheme for the allotment of three commercial plots located in Sector 28. These plots are reserved for setting up of hotels near the upcoming Noida International Airport in Jewar, officials said.

The scheme will close on November 20. The plots will be allotted through e-auction on November 29. Here are five things to know about the industrial plots scheme:

Location

These commercial plots dedicated to hotels are located in Sector 28, which is in proximity to the upcoming Noida International Airport, eastern-western freight corridors, the upcoming International Film City in Sector 21 and the medical device park. Officials said that these hotel plots will provide easy access to the Yamuna Expressway.

Also Read: Yamuna Expressway Authority launches scheme to allot 119 industrial plots

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Number and size of plots

Under the scheme, only three plots have been put for allotment. These commercial plots are being offered in three different sizes - 3400 square metres (sqm), 5000 sqm and 10,000 sqm.

Price

These plots will be allotted at a rate of Rs 59,100 per sqm. Preferred location charges will be additional. The reserve price of these plots has been kept between Rs 20.10 crore and Rs 62.06 crore, while the EMD (earnest money deposit) value of these plots has been fixed between Rs 2 crore and Rs 6.3 crore depending on the size. The applicants will also have to pay a non-refundable processing fee between Rs 2.01 lakh and Rs 6.30 lakh excluding 18 percent GST.

Allotment

These plots will be allotted through e-auction on November 29. These plots will be given to the successful bidders on a lease of 90 years.

The Authority noted that successful allottees will be permitted to construct multi-story buildings on their plots with no specific height restrictions. However, hotel structures exceeding 24 meters in height will require clearance from the Airports Authority of India (AAI).

Hotel builders acquiring land through e-auction will have to complete the first phase of work within three years while the entire project will have to be completed within five years, the Authority said.

Also Read: Five things to know about Yamuna Expressway Authority’s group housing plot scheme

Payment Plan

Applicants will have to pay 40 percent of the total amount (including the registration fee or EMD amount) within 60 days from the date of issue of the allotment letter. The remaining 60 percent shall be payable in 10 half-yearly EMIs over five years.