Yamuna Expressway Authority launches project for hotels near Noida airport: Everything you need to know

Under the proposal, three plots of 3,400, 5,000, and 10,000 sq m Sector 28, abutting the Yamuna Expressway and close to the proposed Noida International Airport at Jewa, have been put up for sale.

With the construction of the Noida International Airport underway, the Yamuna Expressway Industrial Development Authority (YEIDA) has accelerated its plans for commercial and industrial activity around the new facility.

In the most recent such program, YEIDA is asking developers to purchase property for the construction of hotels near the National Capital Region's secondary airport. Three plots have been placed up for sale under the initiative, and they will be distributed by e-auction. The scheme will expire on May 21.

A similar program proposed in November 2023 garnered a lackluster reception and was withdrawn.

It (the new offer) is an excellent chance for developers and hospitality groups to invest here in the construction of star-rated hotels near the planned Jewar airport. We are hoping to have a good response from prospective bidders this time, a YEIDA official said.

Here's everything you need to know about the scheme.

Number of plots and their sizes

Three commercial plots designated entirely for hotels have been placed up for sale as part of the program. The land lots are available in three sizes: 3,400 square meters (sq m), 5,000 sq m, and 10,000 sq m.

Location

These properties are located in YEIDA's Sector 28, adjacent to the Yamuna Expressway and close to the Noida International Airport in Jewar. These sites also have easy access to the east-west freight line, the proposed International Film City in Sector 21, and the medical device park in the region.

Prices and Allotment Rate

The reserve price for these plots has been set between Rs 20.10 crore and Rs 62.06 crore, and the EMD (earnest money deposit) value has been set between Rs 2.01 crore and Rs 6.3 crore, depending on size.

These plots will be allotted at Rs 59,100 per square meter, with additional levies for premium locations. In addition, applicants would be required to pay a non-refundable processing fee ranging from Rs 2.01 lakh to Rs 6.30 lakh, minus 18% GST. The authority expects to generate approximately Rs 110 crore from the allotment of these properties.

E-auction

According to officials, these hotel sites would be distributed through an online auction. The e-auction will take place on June 14, after the Lok Sabha election concludes. The sites will be leased to selected bidders for 90 years.

Successful allottees will be allowed to erect multi-story structures. However, constructions taller than 24 meters will require prior approval from the Airports Authority of India.

Payment Plan

After correcting the EMD, allottees must deposit 40% of the total cost of the hotel land within 60 days of the allotment letter's issue. The remaining 60% must be paid in 10 half-yearly installments, plus interest at a rate of 10% per year for five years.

Source: Money Control