GNIDA launched a new builder plot scheme in Greater Noida to offer land parcels across five sectors for residential development. These plots totaling around 99,000 square meters can accommodate approximately 8,000 new apartments. With easy access to major transportation routes like the Yamuna Expressway and EPE, and future connectivity to the Noida International Airport in Jewar, the scheme is seen as a strategic move to address the rising housing demand in the area. The e-auction-based selection process, with bids starting from INR 48,438 per square meter, aims to attract developers and stimulate growth in Greater Noida's real estate sector.
Greater Noida Industrial Development Authority's (GNIDA) launches a new builder plot scheme. This initiative aims to create more residential options in the area by offering land parcels to developers for apartment construction.
The scheme involves five plots of land spread across five different sectors of Greater Noida: Omicron One A, Mu, Sigma 3, Alpha 2, and Pi One. These plots total approximately 99,000 square meters (a bit over 1.07 million square feet) and have the potential for around 8,000 new apartments.
GNIDA CEO NG Ravi Kumar noted a rise in demand for housing in Greater Noida. He explained that the new scheme offers developers the opportunity to create new apartments in well-connected sectors with good infrastructure.
A key advantage of these plots is their location. They offer easy access to major transportation arteries. The Yamuna Expressway connects Greater Noida to Agra and Mathura, while the Eastern Peripheral Expressway (EPE) provides another route for travel. Residents will also benefit from future connectivity to the upcoming Noida International Airport in Jewar, which is expected to be a major boost to the region.
The GNIDA expects to generate around INR 500 crore (roughly USD 62 million USD) from the sale of these plots. The reserve price, or starting bid price, varies depending on the plot size and location. It ranges from INR 48,438 to INR 54,493 per square meter (approximately USD 6.25 to USD 7 USD per square foot). The plot sizes themselves range from 3,999 to 30,470 square meters (approximately 43,000 to 327,000 square feet), offering flexibility for developers to create apartments suited to different needs.
The selection process will be conducted through an e-auction, with a date yet to be announced. Interested developers can register for the scheme between July 2nd and July 23rd. Applicants must submit a 10% earnest money deposit with their application. Successful bidders will have 90 days to pay the full amount after receiving the allotment letter.
This initiative by GNIDA is expected to attract developers and address the growing demand for housing in Greater Noida. The well-connected locations and range of plot sizes offer flexibility for creating apartments that cater to diverse needs and budgets. The coming years could see significant growth in Greater Noida's residential landscape as a result of this new scheme.
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