The Greater Noida Industrial Development Authority (GNIDA) has initiated an e-auction for eight group housing plots, spanning 3.5 to 10 acres each, in various sectors of Greater Noida. Developers have a 90-day window to complete payment for the land and are required to adhere to the approved layout plan, obtaining an occupancy certificate within seven years. Sector Mu offers a 4.5-acre plot, Omicron 1A a 7.5-acre plot, and Eta 2 a 7-acre plot, among others. Interested parties must apply by Feb 27 and submit documents by March 1. Land rates range from INR 36,500 to INR 48,300 per sqm, with a total reserved price exceeding INR 970 crore. Allotments are on a leasehold basis for 90 years, with restrictions on amalgamation or subdivision. Consortiums are allowed, with a designated lead member responsible for project completion. Previous transactions, like Prasu Infrabuild's acquisition of a 6-acre plot in Sector Zeta 1, reflect investor confidence in Greater Noida's real estate market.
The Greater Noida Industrial Development Authority (GNIDA) has put up eight group housing plots, ranging from 3.5 to 10 acres, for e-auction. Located in sectors Mu, Omicron, Eta, Sigma in Greater Noida, and sectors 36 and 12 in Greater Noida West, developers have 90 days to pay the full land cost. Subsequently, they have to follow the approved layout plan and obtain an occupancy certificate from GNIDA in a maximum of five phases within seven years from the date of lease deed execution.
In Greater Noida, Sector Mu offers a 4.5-acre plot, Omicron 1A has a 7.5-acre plot, and Eta 2 presents a 7-acre plot. Additionally, Sigma 3 offers plots of 7.5 acres and 9.5 acres respectively. In Greater Noida West, Sector 36 offers the smallest plot at 3.5 acres, while Sector 12 provides plots of 5.5 acres and 8 acres.
Interested parties have until Feb 27 to apply for the scheme and until March 1 to submit documents. GNIDA assures that the lands are free from encumbrances and will be ready for possession within 30 days. The land rates vary from INR 36,500 per sqm to INR 48,300 per sqm, with the total reserved price for these plots exceeding INR 970 crore. Plot allotment will be on a leasehold basis for 90 years from the date of the lease deed execution.
Allotted plots cannot undergo amalgamation or subdivision. The allottee bears sole responsibility for developing and constructing all proposed activities as approved by the Authority. Consortiums are permitted but it should not be changed until project completion. The lead member, along with other members, shares equal responsibility for project completion. They must form a special purpose company (SPC) to carry out all responsibilities as the allottee. The shareholding and lead member of the SPC will mirror the memorandum of association (MOA) signed between all consortium members. The lease deed will be in favor of the SPC.
In May last year, Prasu Infrabuild acquired a 6-acre plot in Sector Zeta 1 for INR 110 crore through e-auction, surpassing the reserve price of INR 108.56 crore. Prasu Infrabuild Limited plans to construct approximately 1,100 new flats on this plot.
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