Greater Noida Authority Plans E-Auction of Group Housing Plots in June

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    The Greater Noida Industrial Development Authority (GNIDA) is considering conducting an e-auction for its group housing plots in June 2024, following the Lok Sabha elections. Initially scheduled for April, the auction was postponed due to the elections. Eight plots across six sectors are up for sale under this scheme.

    Located in sectors 12, Sigma III, Mu, Omicron 1A, Eta 2, and sector 36, the plots range in size from 13,938 square meters to 38,771 square meters. The scheme, launched in February 2024 after a 13-year hiatus, saw closure in March 2024.

    Sources reveal significant interest from developers like Godrej and Sobha for the plots in sector 12. The auction bids are pending, awaiting the post-election period in June 2024. Allotment will promptly follow the e-auction.

    The reserve prices vary from Rs 67.32 crore to Rs 178.34 crore, based on size and location, totaling over Rs 970 crore. However, bidding rates could surpass Rs 1 lakh per square foot, mirroring previous e-auctions in Noida.

    The plots will be leased for 90 years, prohibiting amalgamation or subdivision post-allotment. Consortiums may bid but must maintain consistency until project completion.

    Also read: Proposal to Require Homeowners to Pay Extra for Registering Flats in Noida

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