The Yamuna Expressway Industrial Development Authority (YEIDA) plans to auction land for hotels near the upcoming Noida International Airport in Jewar. An e-auction is scheduled for December 22 which will offer three commercial plots in Sector 28, adjacent to the airport and the Yamuna Expressway. These strategically located plots aim to attract big players. Big entities like the ITC Group have already expressed interest. With applications accepted until December 14, the auction anticipates a minimum revenue of Rs 108 crore. Successful bidders will secure 90-year leases for constructing multi-storey hotels, pending clearance for structures exceeding 24 meters in height from the Airports Authority of India.
The Yamuna Expressway Industrial Development Authority (YEIDA) has geared up to allocate land designated for hotel construction near the upcoming Noida International Airport in Jewar. Scheduled for December 22, an e-auction will determine the allotment of three commercial plots intended for this purpose.
This decision comes alongside an extension of the scheme's application deadline from December 8 to December 14. Positioned in Sector 28, adjacent to the Yamuna Expressway and in close proximity to the Jewar airport, these land parcels hold strategic significance.
These plots offer convenient access to the eastern-western freight corridors, the proposed International Film City in Sector 21, and the envisioned medical devices park in the area. YEIDA officials anticipate generating a minimum revenue of Rs 108 crore from the e-auction of these commercial plots.
The scheme has already garnered a positive response, with significant interest from major entities like the ITC Group aiming to establish hotels near the upcoming airport. Several potential bidders requested an extension to apply for the scheme, leading to extending the deadline until December 14.
The scheme was launched on November 1, offering only three commercial plots for auction. These land parcels come in three varying sizes - 3,400 square meters, 5,000 square meters, and 10,000 square meters.
These plots will be assigned at a rate of Rs 59,100 per square meter, with additional charges applicable for preferred locations. The reserve prices of these plots range between Rs 20.10 crore and Rs 62.06 crore. Depending on the plot's size, the earnest money deposit (EMD) value stands between Rs 2 crore and Rs 6.3 crore. Applicants must also submit a non-refundable processing fee ranging from Rs 2.01 lakh to Rs 6.30 lakh, excluding an 18% Goods and Services Tax (GST).
YEIDA officials confirmed that successful bidders would secure these plots on a 90-year lease. The allotted parties will be permitted to construct multi-storey buildings on the plots, with no specific height restrictions. However, constructions exceeding 24 meters in height for hotel structures will necessitate clearance from the Airports Authority of India, officials specified.
In a bid to stimulate development near the upcoming Noida International Airport, YEIDA's initiative to auction land for hotel construction signifies a growing interest from prominent entities, promising a significant economic boost in the region. This move by YEIDA demonstrates a proactive step towards enhancing infrastructural developments in line with the imminent establishment of the Noida International Airport.
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