Noida authority to auction prime land in Sector 51, raise Rs 700 crore

Earlier, the authority had planned to hand over the land to the Noida Metro Rail Corporation (NMRC) for commercial use. The NMRC owns the 30km Noida-Greater Noida Metro project.

The Noida authority has decided to auction 40,000 square metres of commercial land and earn a revenue of around Rs 700 crore in the process.

The land is located in Sector 71/51 Metro interchange along the 30km Noida-Greater Noida Metro link, which is likely to be ready by the end of 2017. (Sunil Ghosh/HT Photo)

The land is located in Sector 71/51 Metro interchange along the 30km Noida-Greater Noida Metro link, which is likely to be ready by the end of 2017.

Earlier, the authority had planned to hand over the land to the Noida Metro Rail Corporation (NMRC) for commercial use. The NMRC owns the 30km Noida-Greater Noida Metro project on which around 80-85% work has been completed.

“We thought if the NMRC will develop the commercial property and rent it out to earn revenue, why should not we do the same? Therefore, the Noida authority has decided to auction this land to a private party and get a revenue of around Rs 700 crore. We can invest this money in other development projects,” said Atal Kumar Rai, additional chief executive officer, Noida authority.

The authority is at present busy completing formalities related to the land. The private agency that will buy this prime commercial land will also have to develop a skywalk to connect two Metro stations — Sector 51 and 71. The 30km Noida-Greater Noida Metro link branches out from the Sector 51 Metro station and has another 6.8km Metro Link going towards Sector 62 (NH24), which branches out from the Sector 71 side.

The Noida authority officials said the commercial land rate prevailing in this area is Rs 1,60,000 per square metre.

“Many international firms want to buy this land because it is located on the Metro link and will have connectivity with the rest of the Delhi-NCR,” Rai said.

Officials said iconic furniture retailer IKEA may also participate in the auctioning as its representatives have shown interest in the land. IKEA, a Swedish company founded in 1943, is a global design and lifestyle brand leader with a secretive business model that could transform India’s home décor market with its contemporary product lineup.

“We cannot say who will buy this land because it will all depend on the highest bid,” said another Noida official.