The Noida Authority has launched a comprehensive scheme to establish six new hotels across the city, catering to the growing market demand. This initiative aims to bolster the city's hospitality infrastructure and strengthen its position as a thriving commercial and tourist destination. The scheme includes plots for three budget hotels and three star-category hotels, located in strategic sectors. The allotment process will be conducted through an e-auction, and the Authority expects to generate over INR 1,000 crore in revenue from this initiative. Additionally, the Greater Noida Industrial Development Authority has introduced a scheme for BPO and ITES plots, further enhancing the city's business ecosystem.
The Noida Authority has launched a comprehensive scheme to establish six new hotels across the city, catering to the growing market demand. This initiative aims to boost the city's hospitality infrastructure and strengthen its position as a thriving commercial and tourist destination.
Under this plan, the Authority has marked plots for three budget hotels and three star-category hotels, located in strategic sectors - 93B, 105, 135, and 142. The six hotel plots collectively span an area of 42,790 square meters, with a total reserve price of INR 781.48 crores.
The allotment process will be conducted through an e-auction, with a pre-bid meeting scheduled for October 10th to address potential bidders' queries. Bid submissions will open on October 17th and close on November 9th. The plots have a Floor Area Ratio (FAR) of 3 and a ground coverage of 40%.
In Sector 93B, three plots have been allocated for budget hotels, while the Authority is providing three large plots in Sectors 105, 135, and 142 for three-star to five-star category hotels.
The Noida Authority's initiative is expected to generate a revenue of over INR 1,000 crore, as the allotment of these hotel plots is anticipated to attract significant interest from investors and hospitality operators. Officials stated that these are the last lot of hotel plots available, as the Authority will have limited land left for setting up additional hotels once these are allocated.
The authority will accept the applications along with a security money of 10%. The applicant placing the highest bid against the reserve price will get the allotment letter from the authority as per the procedure. The applicant will have to pay INR 4.4 crore to INR 41 crore as security amount, which will be forfeited in case the bidder fails to pay the remaining amount against the plot after securing the bid.
The scheme's launch comes after the Authority's previous hotel plot scheme in 2006, which faced legal challenges due to concerns over the low rates offered. This new initiative aims to strike a balance between catering to market demands and ensuring a fair and transparent allotment process.
Additionally, the Greater Noida Industrial Development Authority (GNIDA) has introduced a scheme for 20 BPO and ITES plots in Knowledge Park 5, with plot sizes ranging from 500 sqm to 1,067sqm and reserve prices from INR 1.36 crore to INR 2.9 crore. The total area available for these BPO and ITES plots is 15,552sqm, with a cumulative reserve price exceeding INR 42.6 crore.
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