The Greater Noida Industrial Development Authority (GNIDA) is strategically planning to conduct an e-auction for group housing plots across various sectors in June 2024, following the culmination of the Lok Sabha elections. Originally slated for April, the postponement was deemed necessary due to the electoral process. This meticulous planning underscores GNIDA's commitment to ensuring a transparent and competitive bidding process for these prime real estate assets.
The scheme encompasses eight group housing plots distributed across six different sectors, boasting varying sizes ranging from 13,938 square meters to 38,771 square meters. These plots are strategically located in sought-after areas such as sectors 12 and Sigma III, enhancing their attractiveness to potential developers.
Renowned developers, notably Godrej, have expressed substantial interest in these plots, recognizing the immense potential they offer for lucrative real estate ventures. The allure of these plots is further heightened by the initial allotment rates, which range from Rs 36,500 per square meter to Rs 48,300 per square meter. However, industry experts anticipate that bidding during the e-auction could surge dramatically, potentially reaching up to Rs 1 lakh per square meter. This surge in demand is fueled by the presence of A-grade developers and the scarcity of available land parcels in the Greater Noida region.
The decision to reopen the group housing plot scheme after a hiatus of 13 years signifies a strategic initiative by GNIDA to invigorate the local real estate market. Previous allotments under this scheme date back to around 2010, highlighting the pent-up demand for such prime land parcels in the region.
It is anticipated that the bidding process will be fiercely competitive, potentially surpassing the reserved price of Rs 970 crore for the eight plots. Moreover, the leasehold basis for 90 years further enhances the investment appeal of these plots, providing developers with long-term security and potential returns on their investment.
The forthcoming e-auction of group housing plots in Greater Noida represents a strategic move by GNIDA to capitalize on the burgeoning demand for prime real estate assets in the region. 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.
