Three builders have expressed interest in buying 1,26,000 square metres of prime housing land in Sector 43 that the Noida authority wants to sell. The land had been under litigation for the past 20 years and was freed earlier this year.
The land, located in Sector 43 off Dadri road, is worth Rs.1,000 crore, according to an authority estimate. Officials said this allotment would be one of the biggest in Noida.
On Friday, the authority opened the technical bids of each of these three builders.
“Three realty firms, Shipra Group, Saya Homes and Vibhor builders, have submitted technical bids expressing their intention to buy our prime housing land. We will now examine their details to establish whether they are eligible for such a big project. We are likely to examine their technical qualifications by August 16,” said Vipin Gaur, general manager, Noida authority.
After examination of technical qualifications, the authority will allot the land to whoever has quoted the highest price.
“We are upbeat that three builders have applied to buy the land at a time when there is a slowdown in the realty market. We had thought builders would not show much interest because developers are already failing to sell completed housing units,” said Gaur.
The authority had on July 13 floated a tender to allot this group housing land, which had been under litigation for 20 years. The Kendriya aur Rajya Karamchari Society (Central and state employees’ society) had gone to Allahabad high court against the Noida authority on the grounds that the land belongs to them. The high court had ordered a stay over the land.
“Now the land is completely litigation-free because the society’s secretary has submitted an affidavit in the court, which has been accepted. Therefore, the high court vacated its
stay and the authority can allot the land,” said another authority official.
However, another member of the society said, “We will go to high court against the affidavit filed by our secretary.”