Greater Noida authority launches commercial plot scheme

The plots, measuring between 1,500 square metres to about 19,000 square metres, are located amid the city’s residential areas.

Greater Noida: The Greater Noida authority said on Friday that it has launched a commercial plot scheme comprising 22 plots to provide land for constructing shopping malls in the city. The plots will be allotted through e-auction.

The reserve price of these plots are in the range of ₹9.62 crore to ₹119.53 crore for the 2 FAR, and for the 4 FAR plots, it ranges between ₹35.96 crore to ₹105.89 crore. The applicant who will place the maximum bid will get the right to allotment for the plot, said officials. (Sunil Ghosh/HT Photo)

The plots, measuring between 1,500 square metres to about 19,000 square metres, are located amid the city’s residential areas.

“The registrations for the plots of this scheme have started from August 29 (Thursday) and these plots measure in the range of 1,500 square metres to 18,279 square metres in different sectors, which are residential in nature. This is a wonderful opportunity for the realtors because the authorities do not have the land now to come up with more such schemes after the allotment of these plots in the city,” said Santosh Kumar, officer on special duty, Greater Noida authority.

The e-auction will enable the applicant with the highest bid to get the allotment done in their name.

“After the Noida International airport is set to become operational by next year, the demand for the land has gone up and the supply is limited with the authority,” Kumar informed.

Of these 22 plots, 11 are of two floor area ratio (FAR), meaning how much covered area will be allowed and what will be the height of the building, and the other 11 plots are of four FAR, meaning the realtor can go higher covering more built-up area, said officials.

“If all these plots are allotted, 22 more shopping centres will come up in Greater Noida soon… The amount received from this will be spent in the development works of Greater Noida,” said Kumar.

The launching of the 22 plots plan on Thursday followed instructions of Greater Noida authority CEO NG Ravi Kumar to the commercial department.

The allotment process – from application till allotment – of these plots will be completed only digitally, said officials.

The applications can be made through State Bank of India (SBI) portal that has also been linked to the Greater Noida authority website, so that applicants can also apply from the authority’s site.

Ashutosh Kumar Dwivedi, additional chief executive officer (ACEO), the Greater Noida authority, said, “Considering the demand of investors and the need of the residents of Greater Noida, the authority has launched the commercial plot scheme. Possession will be given as soon as the allotment process is completed. Commercial activity on these plots will be started once the area is built.”

The reserve price of these plots are in the range of ₹9.62 crore to ₹119.53 crore for the 2 FAR, and for the 4 FAR plots, it ranges between ₹35.96 crore to ₹105.89 crore. The applicant who will place the maximum bid will get the right to allotment for the plot, said officials.