Greater Noida Authority allots 5 Commercial Plots Near Yamuna Expressway For Rs 253 crore

Officials stated that Greater Noida has developed into an “ideal spot” for the formation of commercial, industrial, and residential complexes due to its proximity to the future Film City along the Yamuna Expressway and the currently under-construction Noida International Airport near Jewar.

Five commercial plots have been allocated by the Greater Noida Industrial Development Authority (GNIDA) for around Rs 253 crore. According to those with knowledge of the situation, these plots may be utilized to build showrooms, hotels, and shopping centers.

They claimed that earlier this week, an online auction was used to distribute these plots. The five commercial plots, which span more than 21,820 square meters, are situated in Greater Noida's sector Alpha-2, close to the Yamuna Expressway.

Ashutosh Dwivedi, the Greater Noida Authority's additional CEO, stated that the plots have been sold for an average of 40% more than the allotted price and that GNIDA has received Rs 46 crore more than the plots' base price.

Officials stated that Greater Noida has developed into an “ideal spot” for the formation of commercial, industrial, and residential complexes due to its proximity to the future Film City along the Yamuna Expressway and the currently under-construction Noida International Airport near Jewar. Due to the area's growth potential, businessmen and industrialists are choosing to invest in Greater Noida, they stated.

Instead of five plots, GNIDA was to receive Rs 207 crore from the reserve price under the commercial plot scheme; however, following the auction, it was awarded roughly Rs 253 crore.

On November 10, 2023, the Greater Noida Authority introduced a program for commercial plots with a floor area ratio of 4. December 1, 2023, was the deadline for registration, and on February 12, there was a bidding session for these plots.

The largest of these five plots is 11,500 square meters in size. This site was sold for around Rs 115 crore, however, the reserve price was roughly Rs 109 crore. Each of the final four plots has 2,580 square meters.