The Greater Noida Industrial Development Authority (GNIDA) is strategically planning an e-auction for group housing plots across various sectors in June 2024, following the conclusion of the Lok Sabha elections. This delay from the original April schedule was deemed necessary due to the electoral process, showcasing GNIDA’s commitment to a transparent and competitive bidding process.
Plot Details
The scheme comprises eight group housing plots spread across six sectors, ranging from 13,938 square meters to 38,771 square meters. These plots, located in sought-after areas like sectors 12 and Sigma III, are highly attractive to potential developers.
Developer Interest
Renowned developers, including Godrej, have shown substantial interest in these plots, recognizing their potential for lucrative ventures. Initial allotment rates, ranging from Rs 36,500 to Rs 48,300 per square meter, are expected to surge during the e-auction, potentially reaching up to Rs 1 lakh per square meter due to the presence of A-grade developers and scarce land availability.
Market Stimulus
The decision to reopen the scheme after 13 years aims to revitalize the local real estate market, catering to pent-up demand for prime land parcels in the region.
Competitive Bidding
Industry experts anticipate fierce competition during the auction, potentially surpassing the reserved price of Rs 970 crore for the eight plots. The leasehold basis for 90 years further enhances the investment appeal, offering developers long-term security and potential returns.
Strategic Move
The e-auction represents a strategic initiative by GNIDA to capitalize on the growing demand for prime real estate assets in Greater Noida. With meticulous planning and anticipation of high bidder interest, GNIDA aims to stimulate economic activity and foster sustainable growth in the local real estate sector.