Greater Noida Authority Launches Scheme for Allotment of 12 Commercial Plots: A Comprehensive Overview

The Greater Noida Industrial Development Authority (GNIDA) has recently launched an ambitious scheme for the allotment of 12 commercial plots across four key sectors in Greater Noida. This initiative marks a significant development in the region's real estate landscape, aiming to accommodate the growing demand for commercial spaces and support future urban expansion. Here’s an in-depth look at this new scheme, exploring its details, implications, and the opportunities it presents for investors and developers.

Overview of the Commercial Plots Scheme

The GNIDA’s new scheme involves the sale of 12 commercial plots located in four distinct sectors of Greater Noida. The total reserve price for these plots is approximately Rs 1,014 crore, reflecting the high-value potential of the land parcels. The plots will be used for constructing commercial complexes, malls, and other retail establishments, catering to the burgeoning demand for commercial real estate in the region.

Annapurna Garg, Additional Chief Executive Officer (ACEO) of Greater Noida Authority, stated, “Considering the demand from investors and the needs of the people of Greater Noida, we have launched this commercial plot scheme. The possession of land parcels will be granted as soon as the e-auction and allotment process is completed.”

Key Details of the Scheme

1. Locations and Connectivity

The 12 commercial plots are distributed across four different sectors in Greater Noida, each offering strategic advantages for development:

- Sector 10: 3 commercial plots

- Sector 12: 5 commercial plots

- Sector Delta 1: 3 commercial plots

- Sector 1: 1 commercial plot

These sectors are well-connected by major transport routes. The plots are accessible via the Yamuna Expressway, which provides direct connectivity to Agra and Mathura, and the Eastern Peripheral Expressway (EPE), which serves as a crucial transportation link. Additionally, the upcoming Noida International Airport in Jewar and the International Film City in YEIDA Sector 21 will further enhance the connectivity and attractiveness of these locations.

2. Plot Sizes and Pricing

The commercial plots vary in size from 3,600 to 10,600 square meters. This range of plot sizes offers flexibility for different types of commercial developments, from small-scale retail outlets to large shopping malls and office complexes. 

The reserve price for these plots has been set at Rs 90,821 per square meter. For the entire 12-plot scheme, the cumulative reserve price totals approximately Rs 1,014 crore. This pricing strategy reflects the high value of the land due to its prime location and future growth potential.

3. Registration and E-Auction Process

The registration for the e-auction of these plots commenced on June 26, 2024, and will continue until July 16, 2024. The e-auction date will be announced after the registration period closes. 

To participate in the auction, interested parties must deposit 10% of the reserved price of the plot as an earnest money deposit. Successful bidders will have two payment options:

-Full Payment Option: Pay the entire amount within 90 days from the issuance of the allotment letter, with a 2% rebate on the total value.

- Installment Payment Option: Pay 40% of the total amount within 60 days from the issuance of the allotment letter, with the remaining 60% payable in six equal half-yearly installments over three years.

Impact and Opportunities

1. Increased FAR and Development Potential

One of the notable features of this scheme is the increased Floor Area Ratio (FAR) for the commercial plots. The FAR has been set at 4, allowing developers to construct buildings with a total floor area equivalent to 400% of the plot area. This represents a significant increase from the previous maximum FAR of 3.75. A higher FAR facilitates the construction of taller, more expansive commercial buildings, which can accommodate a wider range of commercial activities, including high-rise office buildings, large retail spaces, and multi-use complexes.

2. Support for Greater Noida’s Growth

The introduction of these commercial plots aligns with Greater Noida’s broader vision for urban development. The strategic locations of these plots, combined with improved connectivity and increased FAR, are expected to attract a range of commercial ventures. This development is likely to foster economic growth, create job opportunities, and enhance the overall commercial infrastructure of Greater Noida.

The upcoming Noida International Airport and the International Film City are anticipated to drive significant footfall and economic activity in the region. The availability of well-located commercial spaces will help meet the demands of businesses and investors looking to establish a presence in Greater Noida’s expanding market.

3. Investment Prospects for Developers

For developers and investors, the scheme presents several opportunities. The plots offer a chance to engage in high-value commercial real estate projects in a rapidly growing region. The flexibility in plot sizes and the advantageous payment plans are designed to accommodate both large-scale developers and smaller investors.

Additionally, the increased FAR allows developers to maximize the potential of their projects, making these plots attractive for ambitious commercial developments. The proximity to major transport links and future infrastructural developments further enhances the investment appeal of these plots.

Conclusion

The Greater Noida Authority’s scheme for the allotment of 12 commercial plots marks a significant milestone in the region’s real estate development efforts. With strategic locations, attractive pricing, and favorable development conditions, this initiative is set to transform Greater Noida’s commercial landscape.

As the registration period approaches its deadline, investors and developers are presented with a prime opportunity to secure valuable land for future commercial ventures. The anticipated benefits of increased FAR, enhanced connectivity, and the region’s growth prospects underscore the potential of this scheme to shape the future of Greater Noida’s commercial real estate sector.

As the e-auction process unfolds, it will be crucial for stakeholders to stay informed and prepared to make the most of this significant opportunity in Greater Noida’s real estate market.

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