The 25-acre land parcel is located at Whitefield in Bengaluru. The proceeds from this sale will be reinvested into high-growth opportunities, strengthening the company's development pipeline and delivering sustained value to its stakeholders.
Officials said that the Noida Authority expects to generate maximum Rs 1,080 crore from the sale of group housing plots and Rs 1,010 crore from commercial land parcels in the financial year 2024-25.
These land parcels are located in premium locations in central Noida sectors and judging from the demand for housing, the Authority wants to develop group housing projects in the area.
Alongside, the authority has also launched a commercial plots scheme and aims to rake in Rs 22 crore from that auction.
The group housing and mixed-use developments are in response to growing demand for residential and commercial space in the township.
The institution is likely to come up in Sector 9, dedicated for institutional developments, and will offer diploma and degree programmes in medicine, aviation, aircraft maintenance, finance and management.
The reason for the cancellation, the authority said, was non completion of the project and non-payment of dues. So, it will take over the plot, location in Sector 10 of Greater Noida, and reallot it afresh.
The e-auction shows the residential real estate potential of the investment and commercial hub, says Greater Noida Industrial Development Authority CEO Ritu Maheshwari.
The state’s data centre policy offers various incentives such as capital subsidy, interest subvention, and stamp duty exemption, along with non-financial and energy-related incentives.
While the authority has earned Rs 15.40 crore from the e-auction of the three institutional plots, the revenue earned from the two industrial plots is not known. Haryana Gas City Company and Time Server Services are the two firms which have been allotted industrial plots.
The plots offered measure between 871 sq m and 51,417 sq m. The last date for registration is March 13, 2023, and the allotment will be through e-auctions. Officials said the e-auction will be conducted only if each plot gets a minimum of three applications.
Only those real estate developers who will be able to pay the land cost within 90 days of the allotment will be able to buy these land parcels.
Developers who attended the pre-bid meeting and expressed interest in the land parcel include DLF Ltd, Omaxe Ltd, Godrej Properties, Bharti Realty, GMR Group, Jindal Realty and Birla Estates
The land parcel has been acquired through Thoth Mall and Commercial Real Estate Private Ltd, an indirect subsidiary of the company.
The proposed project is estimated to have a developable potential of approximately 1.2 million square feet of saleable area comprising primarily of residential plotted development.
Ajmera Realty has said a residential project, likely to generate a sales value of Rs 250 crore over three years, will come up on the parcel in Ghatkopar's Pant Nagar area
High-value land transactions have gained ground in the recent past primarily on account of increase in demand for housing
Project to see a potential development of approximately 1 million sq ft; Revenue generation of Rs 1750 crore is envisaged for the next 4-5 years.
Cost-effective housing is a key problem in all developing countries but India presents a remarkable case study. While India’s constantly expanding population is the bedrock of its economic promise, it is also the source R
Investors bet on the company after it received an order from Mumbai International Airport to develop land parcels around it. The firm will pay a refundable security deposit of Rs 329.35 crore for the same
Shares of erstwhile telecom and solar products company MRO-TEK have been in focus recently following a hostile takeover attempt by Bengaluru-based real estate tycoon Jitu Virwani of the Embassy Group.
Ashish Puravankara, joint MD, Puravankara denied plans of purchasing land in NCR, but added: "As a regular course of our business we evaluate various joint development opportunities from time to time in various regions where we have our offices for example NCR or Mumbai for that matter."
The structure is going to be on a deferred payment basis, which means Shapoorji will be paying step-by-step or in stages and the Rs 200 crore will be allocated.
The basic point of the report is that there is a big discrepancy in Unitech's stock price and the land valuation that Unitech has. The JP Morgan report has valued the land at Rs 19,200 crore and they have taken two large land parcels, that is, 900 acres in Gurgaon and 350 acres in Noida.