The Greater Noida Authority on Friday launched a commercial plot scheme offering 22 plots, aimed at facilitating the construction of shopping malls within the city. The plots, which range in size from 1,500 square meters to nearly 19,000 square meters, are located in residential areas and will be allocated through an e-auction process.
As reported by the Hindustan Times, the registrations for the plots of this scheme have started from August 29. The plots measure in the range of 1,500 square meters to 18,279 square meters in different sectors, which are residential in nature. This is a wonderful opportunity for realtors because the authorities do not have the land now to come up with more such schemes after the allotment of these plots in the city,” said Santosh Kumar, officer on special duty with the Greater Noida Authority.
Registration for the scheme will continue until September 19, 2024. Applicants must complete the submission of processing fees and necessary documents by September 26.
The e-auction will grant ownership to the highest bidder. “After the Noida International Airport is set to become operational by next year, the demand for the land has gone up and the supply is limited with the authority,” Kumar informed. Kumar also emphasized the significant opportunity this scheme presents for developers.
The available plots are located across various sectors, including Sector 10, Sector 12, Delta One, Sigma II, Sectors Three and Four, Ita One, KP III (Tugalpur), Chai-Phi, and Zeta One. Eleven of these plots have a floor area ratio (FAR) of 2, which dictates the permissible covered area and building height. The remaining 11 plots have a FAR of 4, allowing for taller structures with more built-up area.
“If all these plots are successfully allotted, Greater Noida will see the addition of 22 new shopping centers,” Kumar added. “The revenue generated from these allotments will be reinvested in Greater Noida’s development.”
The entire allotment process, from application to final allocation, will be conducted digitally. Applicants can submit their applications through the State Bank of India (SBI) portal, which is linked to the Greater Noida Authority’s website.
Ashutosh Kumar Dwivedi, additional chief executive officer of the Greater Noida Authority, highlighted the significance of the scheme, stating, “Considering the demand from investors and the needs of Greater Noida residents, the authority has introduced this commercial plot scheme. Possession of the plots will be granted promptly after the allotment process, and commercial activities can commence once the construction is completed.”
The reserve prices for these plots range from ₹9.62 crore to ₹119.53 crore for plots with a 2 FAR, and from ₹35.96 crore to ₹105.89 crore for those with a 4 FAR. The highest bidder will secure the allotment, officials said.
The launch of this scheme was initiated following directives from NG Ravi Kumar, CEO of the Greater Noida Authority, to the commercial department.