Greater Noida Authority allots Commercial Plots near Yamuna Expressway worth Rs. 253 Cr

Courtesy: By Money Control
Posted on: 2024-02-16
Greater Noida Authority allots Commercial Plots near Yamuna Expressway worth Rs. 253 Cr

In a recent development, the Greater Noida Authority (GNIDA) allots five commercial plots near Yamuna Expressway. On which owners can structure hotels, malls, and showrooms. The allotted plots cost worth Rs. 253 crore, sources said.

Earlier this week, an e-auction took place for allotment of these plots. They all are in Alpha 2 Greater Noida and spread across 21,820 square meters. The location shares quick connectivity to the Yamuna Expressway.

Ashutosh Dwivedi, CEO, of Greater Noida said that sanctioned plots are sold at an average rate of 40 percent. It is more than the reserved price of these plots and GNIDA received Rs. 46 crore more than the base price for these plots.

He further said, This encouraging response towards the auction of these plots that Greater Noida is one of the favourite choices for commercial investors.' He also said, hotels, malls, restaurants, and showrooms can be built on these plots.' According to the sources, the location is an 'ideal spot' for setting up residential, commercial, and industrial projects. The proximity to Noida International Airport in Jewar and the upcoming Filmcity next to Yamuna expressway makes it the ideal spot.

Commercial Plots near Yamuna Expressway Lure Investors

Many businessmen and industrialists prefer Greater Noida due to the sturdy development that is taking place here. The commercial plots are launched under a scheme. For which Greater Noida Authority was supposed to receive Rs. 207 crore, but post auction the Authority received Rs. 253 crore.

In 2023 November, the Greater Noida Authority launched the scheme to sell commercial plots with 4 FAR (floor-Area-Ratio). December 1st was the last date to register for bidding which happened in February.

Out of these five plots, the biggest size plot covers an area of 11,500 square meters. The reserve price of the plot was Rs. 109 crore. However, it secured Rs. 115 crore. The other four plots are in the size of 2,580 square meters each. Greater Noida Authority is the planning authority responsible for the development of Greater Noida in Gautam Buddha Nagar in Uttar Pradesh. Established in 1991, the authority is responsible for planning, developing, and maintaining the area.

Often known as YEIDA, the Yamuna Expressway Industrial Development Authority is responsible for developing the locality. Adjoining the Yamuna expressway, the area is a perfect habitat for residential, commercial, and industrial development.