The Greater Noida Industrial Development Authority (GNIDA) has announced the sale of 22 commercial plots located near the under-construction Noida International Airport.
As reported by the Money Control these plots, spread across 10 sectors in Greater Noida, are intended for commercial use, including the construction of malls and commercial complexes. The combined reserve price for these plots is set at Rs 1,603.3 crore.
Officials from GNIDA confirmed that the plots are available under a new commercial plot scheme, with applications open from August 29 until September 19. The allotment of the plots will be conducted through an e-auction.
Locations
The 22 commercial plots are distributed across multiple sectors in Greater Noida. The breakdown includes five plots in Sector 12, four in Chi-Phi Extension, three each in Sector 10 and Delta-1, two in Zeta-1, and one plot each in Sigma II, III, IV, Eta-1, and Knowledge Park-III.
These sectors are strategically connected to major infrastructure projects such as the Yamuna Expressway, which links Greater Noida with Agra and Mathura, as well as the Eastern Peripheral Expressway (EPE). The upcoming Noida International Airport and International Film City in YEIDA Sector 21 will also enhance the area’s connectivity.
Plot Sizes
The commercial plots vary in size, ranging from 1,500 square meters to 19,000 square meters. Prospective buyers must complete their registration for the e-auction by September 19, 2024.
Pricing
The reserve price of the plots falls into two categories based on the Floor Area Ratio (FAR). For plots with a 2 FAR, the prices range from Rs 9.62 crore to Rs 119.53 crore. For 4 FAR plots, the prices vary between Rs 35.96 crore and Rs 105.89 crore. The combined reserve price for all 22 plots is Rs 1,603.3 crore.
Floor Area Ratio (FAR)
The scheme features both 2 FAR and 4 FAR plots. FAR refers to the ratio of a building’s total constructed floor area to the size of the plot. A 4 FAR plot allows for 400% construction of the plot size, while 2 FAR permits up to 200%. GNIDA officials explained that the 4 FAR plots are ideal for high-rise commercial buildings, encouraging more expansive construction in the Greater Noida region.
Allotment and Payment Plans
The plots will be allotted to the highest bidders through an e-auction, with the date to be announced soon. To participate, applicants are required to deposit 10% of the plot’s reserve price as a registration fee or earnest money.
- Option 1: The full payment, including the earnest money, must be made within 90 days from the date of the allotment letter. A 2% rebate will be offered for full payment within this timeframe.
- Option 2: The bidder can pay 40% of the total amount within 60 days of the allotment letter, with the remaining balance payable in six equal half-yearly installments over a three-year period.
This sale presents a prime investment opportunity for developers looking to establish commercial projects in proximity to the Noida International Airport, a key upcoming infrastructure project expected to boost regional growth.