Eldeco and Purvanchal Projects Secure Group Housing Plots Near Noida Airport for Rs 246 Crore
Eldeco Infrastructure & Properties Ltd (EIPL) and Purvanchal Projects Private Ltd have won bids in a Yamuna Expressway Authority e-auction for two group housing plots near the upcoming Noida International Airport. The Yamuna Expressway Industrial Development Authority (YEIDA) sold these plots cumulatively for around Rs 246.44 crore.
The YEIDA had put on sale two group housing plots measuring 20,000 square meters (sqm) and 40,000 sqm. Eldeco won the bid for the 20,000 sqm plot while Purvanchal Projects purchased the 40,000 sqm plot. Both plots are located in Sector 22D off Yamuna Expressway, which connects Greater Noida with the heritage cities of Mathura and Agra.
According to YEIDA officials, Eldeco and Purvanchal Projects emerged as the highest bidders for the 20,000 sqm and 40,000 sqm plots respectively. The reserve price for the 20,000 sqm plot was Rs 71.22 crore, while it was Rs 142.45 crore for the 40,000 sqm plot. Eldeco placed the highest bid of Rs 96.86 crore for the 20,000 sqm plot, while Purvanchal Projects placed the highest bid of Rs 149.57 crore for the 40,000 sqm plot. YEIDA will receive around Rs 246.44 crore from the sale of these plots near Noida International Airport in Jewar.
YEIDA had floated a scheme for six group housing plots off Yamuna Expressway near Jewar airport in April this year. The last date to apply for bids was May 20, but the scheme was rolled over for two weeks due to a lack of response from bidders. During the extension period, two applications each were received against two plots, leading to the e-auction of only two plots on July 12.
The last time YEIDA allotted group housing plots was in 2014. So far, the Authority has allotted group housing plots to 13 real estate developers who are constructing residential projects, including townships along Yamuna Expressway.
Eldeco Infrastructure and Properties Ltd is part of the Eldeco Group and a sister-concern company of Eldeco Housing and Industries Ltd, which is listed on BSE Ltd. EIPL was established in 2000 to undertake projects in the Delhi NCR region and has expanded to other regions in recent years.
Purvanchal Projects Private Ltd, a Delhi-NCR based developer, was established in 1994. It has executed over 32 projects across Delhi, Noida, and Greater Noida. Both firms have a strong track record of delivering quality projects and are well-regarded in the real estate industry.
The development of these plots is expected to boost the real estate market in the region, given their proximity to the upcoming Noida International Airport. The airport is anticipated to be a significant driver of economic growth and infrastructure development in the area, attracting more real estate investments.
The YEIDA's sale of these plots highlights the ongoing demand for residential and commercial real estate in the region, driven by infrastructural advancements like the new airport. This development is likely to bring in more investments and spur further growth in the real estate sector around the Yamuna Expressway and Greater Noida region.
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