Commercial and institutional plots up for grabs in Noida, Greater Noida
The Noida authority on October 20 launched a commercial plot scheme on land that was earlier allotted to Wave Group in sectors 25 and 32; the Greater Noida authority has decided to launch a scheme offering 12 plots-- for senior secondary schools, hospitals, nursing home, and training institutes
The three industrial bodies of Noida, Greater Noida and the Yamuna Expressway have come up with different plots schemes for commercial, institutional and other businesses to cash in on the demand for land before Diwali.
The Noida authority on October 20 launched a commercial plot scheme on land that was earlier allotted to Wave Group in sectors 25 and 32, in the heart of the city. Now the authority has carved out smaller commercial plots from the land parcel that was surrendered by Wave Group.
The Greater Noida authority has decided to launch a scheme offering a total of 12 plots, of which two plots are for senior secondary schools, two are for hospitals, one for nursing home, and the remaining seven are for setting up training institutes.
The last date to submit applications is November 18. The authority will decide the bidding date later and inform the applicants, said officials.
“The plots will be allotted through e-auction. Whosoever places the highest bid against a plot will get the plot. The plots are free of legal encumbrances and the authority will offer possession within 30 days of allotment,” said Naveen Kumar Singh, officer on special duty, Greater Noida authority.
The authority has on offer two plots for higher secondary school of size 10,000 square metres and 6200 square metres, both located in Sector Knowledge Park-5.
The 10,000 square metre plot has a reserve price of ₹30 crore and the 6,200 square metre plot has a reserve price of ₹18 crore.
The hospital plot, of 10,005 square metres, is located in Sector MU, and has a reserve price of ₹35 crore. The 4,439 square metre plot in Sector 10 has a reserve price of ₹19 crore. The nursing home plot of 2,511 square metres in Knowledge Park-1 has a reserve price of ₹10 crore.
The three training institute plots of 2,000 square metre are located in Sector 4 and have a reserve price of ₹5 crore each and a 2,001 square metre plot in Knowledge Park-1 has a reserve price of ₹5 crore. Two plots of 4,000 square metres, meant for training institute, has a reserve price of ₹11 crore.
“We are offering a wonderful opportunity for educational institutions that offer vocational courses. The city will become a hub of vocational training once these plots are allotted, and businesses set up,” said Singh.
The Noida authority has launched a scheme with eight premium plots in Sector 25A, in the heart of the city.
With a total area of over 160,000 square metres and a reserve price of ₹3,103 crore, the scheme may grab the interest of businesses and developers, said officials.
These plots, range from 17,645 square metres to 25,572 square metres and have a floor area ratio (FAR) of 4.5, and 45% ground coverage. They are ideal for high density and vertical development, said officials.
The reserve price starts at ₹1.83 lakh per square metre and goes up to ₹1.86 lakh per square metre, with individual plot reserve prices ranging between ₹328 crore and ₹468 crore.
Bid submissions for the scheme open on October 29, 2024, and the last date will be November 22, 2024. Interested bidders must submit a non-refundable processing fee of ₹5.9 lakh, along with an earnest money deposit (EMD) ranging between ₹32-46 crore, depending on the plot size.
This scheme is located near key urban infrastructure, including the Noida Stadium, City Centre Metro Station, and major roads, making it a prime opportunity for investors looking to tap into Noida’s expanding commercial market.
This land was initially allotted to Wave Group. However, in 2017, Wave applied under the state government’s project settlement policy (PSP), allowing developers to return land if unable to develop it. In March 2021, Noida authority took possession of the land, citing dues of over ₹2,500 crore.
“With these commercial plots, the authority has is offering a unique opportunity to those looking for commercial land to set up businesse,” said Lokesh M, chief executive officer, Noida authority.
The Yamuna Expressway Industrial Development Authority (Yeida) is likely to launch a plot scheme for institutional land soon.
“We will launch a plot scheme for institutional land before Diwali. We will also launch a residential plot scheme if the paper work and permission from the Uttar Pradesh Real Estate Regulatory Authority come soon,” said Arun Vir Singh, chief executive officer, Yeida.