At a recent auction held by the Greater Noida Authority, the civic body responsible for development in the region, real estate developers were able to purchase three plots of land for a total sum of around Rs 300 crore. The authority had invited bids for eleven land parcels, and nine developers expressed interest in three of those properties in December. The bid opened at Rs 200 crore.
At a recent auction held by the Greater Noida Authority, the civic body responsible for development in the region, real estate developers were able to purchase three plots of land for a total sum of around Rs 300 crore. The authority had invited bids for eleven land parcels, and nine developers expressed interest in three of those properties in December. The bid opened at Rs 200 crore.
Greater Noida Authority is a local governing body responsible for planning and development of the Greater Noida region in the Indian state of Uttar Pradesh. It is primarily responsible for overseeing land-use planning, infrastructure development, and the provision of public services in the area.
A 22,000 square metre land parcel was purchased by Golf Green Mansions Pvt Ltd for Rs 127 crore as opposed to the reserve price of Rs 77 crore. A joint venture between Irish Infrastructure (81%) and Anshu Hospital (19%) purchased a 20,240 square metre piece of land for Rs 125 crore as compared to the reserve price of Rs 70.84 crore. A partnership comprising of Savana Builders Company Ltd (70%) and Eldeco Infrastructure & Property Ltd purchased the third land lot measuring 14,998 square metres for Rs 53.01 crore as opposed to the reserve price of Rs 52.49 crore. The developers must deposit the funds within a period of 90 days.
This is the first time the authority had conducted an e-auction for land. The positive response and the final accepted bids have been reassuring to those in-charge. Greater Noida has emerged as the go-to location for real estate development, whether it be for data centres, businesses or residences. The authority believes that this is an opportune moment to further foster development and is therefore planning many such measures to boost interest in the region.
Several big companies have also set their eyes on Great Noida. Last year, Godrej Properties Ltd. paid the local government Rs 377 crore to purchase two land plots for a residential project in Noida. The authorities had received five bids for the two plots and Godrej was the highest bidder for both plots.
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