Nearly thousand applications for 125 industrial plots in Noida

The authority said they received 900 applications till Tuesday morning.

Amid the slowdown in realty sector, the Noida authority has received around 900 applications for its industrial plot scheme which was started in August.

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The authority has 125 plots on offer under this scheme, on a carved out a dedicated industrial Sector 155, located along Noida Expressway. The last date to submit applications under this scheme was October 3. Officials at the industrial department are upbeat because they did not expect such a good response amid slowdown in realty market.

“Due to the slowdown in realty market the builders are unable to clear their unsold stock. But our industrial plot scheme is successful because 900 persons have applied for 125 plots. Now we will do pre-screening of all these applications and hold a lucky draw in November end or December,” said Navin Kumar Singh, officer on special duty of the Noida authority.

The authority said they received 900 applications till Tuesday morning. The 450 square meters to 10,000 square meters plots are being sold at the rate of ₹13,490 per square metre.

“We have developed roads in Sector 155. We are yet to lay drainage and sewage network in this newly developed area, which is located near Jhhatta village,” Singh said.

Following the CM’s instructions, the Noida authority carved out three industrial sectors 155, 156 and 157 located along Noida Expressway. The authority took a decision that it will no more focus on residential development because builders are already failing to sell their flats.

Noida has 500 hectares industrial land available to be used for various industrial projects.

“Once we allot plots in Sector 155, we will focus on the other two sectors. We need to work out things before we launch industrial plots in the other two sectors. Since we have received good response for plot scheme, we can launch more plot schemes in other two sectors as well in due course,” said Singh.

Under this scheme, the applicant will submit 20% of total plot cost and remaining 80% can be paid in five years, officials said.