Noida auctions 5 plots for ₹3,300 crore

NOIDA: The Noida authority on Wednesday said it sold five commercial plots for ₹3,300 crore during an auction on Tuesday evening, with one particular plot with a reserve price of ₹836 crore, being sold for ₹1,839 crore

NOIDA: The Noida authority on Wednesday said it sold five commercial plots for ₹3,300 crore during an auction on Tuesday evening, with one particular plot with a reserve price of ₹836 crore, being sold for ₹1,839 crore.

Realty estate expert and ICCPL Group founder Dushyant Sinha, said, “The M3M land transaction is a strong indicator of the confidence that established developers are placing in Noida’s long-term growth story.” (HT Archive)

Located in Sector 108, along the Noida-Greater Noida Expressway, the commercial mixed-land-use plot, measuring 49,932 square metres (sqms), was sold after the realty firm M3M India placed the highest bid during the e-bidding, they added.

“The authority sold the plot for a price, which is 120% more than the reserve price of ₹836 crore. In the past, the authority sold commercial plots for only 10% more than the reserve price. This is the highest bid for a commercial plot in Noida in the past two decades,” said Kranti Shekhar Singh, officer on special duty (OSD) of the Noida authority.

The prime location of Sector 108 is another factor behind the high bids. The sector offers easy access to Noida Expressway and has the police commissioner’s office within the sector. It is also close to IT/ITES hubs and is expected to have metro connectivity once the Botanical Garden - Sector 142 corridor is developed, said officials.

M3M refused to comment on the matter following HT’s request for a response.

Realty estate expert and ICCPL Group founder Dushyant Sinha, said, “The M3M land transaction is a strong indicator of the confidence that established developers are placing in Noida’s long-term growth story.”

Meanwhile, the Authority also auctioned four other commercial properties, each measuring over 20,000 sqms, said officials.

In Sector 96, a 24,000 sqm plot with a reserve price of ₹410 crore was sold for ₹414.8 crore. In Sector 98, two plots measuring 24,000 sqm each, with a reserve price of ₹410 crore, were sold for ₹414 crore each, said officials.

In Sector 132, a 22,403 sqm plot was sold for ₹271.93 crore. It had a reserve price of ₹269 crore, said officials.