The Greater Noida Authority has secured ₹1,500 crore in revenue from the sale of five group housing plots to developers including Godrej Properties and Dubai-based Sobha Ltd.
As reported by the Hindustan Times, the auction, conducted through an e-bidding process on Aug 7, saw bids soaring to as much as 128 per cent above the reserve price, reflecting the high demand for housing in this industrial hub.
The reserve price for the plots was set between ₹48,438 and ₹59,943 per square meter, but the competitive bidding resulted in much higher final prices. The auction’s total revenue more than doubled the initial estimate of ₹700 crore, with officials attributing this to the increasing demand for high-quality housing projects in Greater Noida.
“The results of this e-bidding process show that there is a growing demand for quality housing in Greater Noida, driven by the city’s world-class infrastructure,” said Ravi Kumar NG, Chief Executive Officer of the Greater Noida Authority.
Among the successful bidders, Godrej Properties secured two plots: a 32,000 square meter plot in Sector 12 for ₹1,36,743 per square meter and a 38,700 square meter plot in Sector Sigma-3 for ₹1,03,243 per square meter. Sobha Ltd., a new entrant to the Greater Noida market, placed the highest bid of ₹1,16,012 per square meter for a 13,900 square meter plot in Sector 36.
Ashtech Industries acquired a 22,558 square meter plot in Sector 12 for ₹1,30,743 per square meter, while Prasu Infrabuild and Kamroop Infrabuild jointly purchased a 28,265 square meter plot in Sector Eta 2 at ₹71,404 per square meter.
This auction underscores the growing interest in Greater Noida from both established and new developers. Sobha Ltd.’s entry into the market to develop an ultra-luxury housing project signals a shift in Greater Noida’s real estate landscape, which has traditionally been known for its affordable housing options.
Ravi Kumar NG noted the importance of this trend, stating that the high bids were indicative of the city’s appeal as a destination for both affordable and luxury housing. “We are pleased to see new developers entering the market, which will cater to the growing demand for high-quality housing products in the city,” he said.
The e-bidding process was highly competitive, with 38 developers participating. The sale covered a total of 34 acres across the five plots, marking a significant land transfer in Greater Noida’s real estate sector. As per the auction terms, the winning developers are required to complete the payment for their respective plots within 90 days of the allotment.
Looking ahead, the Greater Noida Authority is preparing additional plots for future auctions to meet the ongoing demand. “We are preparing land to come up with more plot schemes to meet the demand,” Ravi Kumar NG confirmed, emphasizing the Authority’s commitment to facilitating continued growth in the region.
The Confederation of Real Estate Developers Association of India (CREDAI) welcomed the outcome, noting that the entry of new players like Sobha Ltd. would bring diversity to the market. However, CREDAI Secretary Dinesh Gupta also highlighted the challenges posed by the e-bidding process, which he said could discourage smaller developers who might struggle to compete with more prominent firms.
Despite these concerns, the overall sentiment in the market remains positive, with the expectation that the influx of high-profile developers will drive further investment and development in Greater Noida.
The recent auction’s success is a strong indicator of Greater Noida’s growing prominence as a real estate hub. With major developers like Godrej Properties and Sobha Ltd. now invested in the area, the city is set to see a mix of affordable and luxury housing projects that cater to a wide range of buyers. The Greater Noida Authority’s ongoing efforts to meet the demand for housing plots will likely bolster the region’s appeal, making it a key destination for real estate investment in the coming years.