Yamuna Expressway Authority to allot plots for hotels near Noida International Airport on Dec 22

These land parcels are situated in Sector 28, abutting the Yamuna Expressway and also in proximity to the airport at Jewar. Representational photo

The Yamuna Expressway Industrial Development Authority (YEIDA) will soon allot land earmarked for hotels near the upcoming Noida International Airport in Jewar. It will hold an e-auction for three commercial plots on December 22 for this purpose, officials aware of the matter said.

They said that the authority has also extended the last date to apply for the scheme from December 8 to December 14. These land parcels are situated in Sector 28, abutting the Yamuna Expressway and also in proximity to the airport at Jewar.

These plots also have easy access to the eastern-western freight corridors, the proposed International Film City in Sector 21 and the medical devices park planned in the area. The authority hopes to earn at least Rs 108 crore from the e-auction of these commercial plots, the officials said.

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

“We are getting good response towards the scheme as several big players such as ITC Group have evinced interest in setting up hotels near the upcoming airport. Some potential bidders wanted more time to apply for the scheme so we have extended it till December 14. We will hold the e-auction on December 22 for the allotment of these hotel plots,” a senior YEIDA official told Moneycontrol.

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Prinicipal Correspondent|moneycontrol

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The scheme was floated on November 1 and under the scheme only three commercial plots have been made available for auction. These commercial land parcels are being offered in three different sizes — 3,400 square metres (sq m), 5,000 sq m and 10,000 sq m.

Also Read: Yamuna Expressway Authority may acquire 1,200 hectares more for Noida airport expansion

These plots will be allotted at a rate of Rs 59,100 per sq m and 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 or 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 of between Rs 2.01 lakh and Rs 6.30 lakh excluding 18 percent goods and services tax.

Officials said that these plots will be allotted to successful bidders on a lease of 90 years. Successful allottees will be permitted to construct multi-storey buildings on their plots with no specific height restrictions. However, hotel structures exceeding 24 metres in height will require clearance from the Airports Authority of India, officials said.