“Greater Noida Authority Sells 5 Commercial Plots Near Yamuna Expressway for Rs 253 Crore”
The Greater Noida Industrial Development Authority (GNIDA) has sold five commercial plots for approximately Rs 253 crore. These plots can be used to build hotels, malls, and showrooms, according to officials.
The allotment of these plots was done through an online auction earlier this week. The total area of these five commercial plots is over 21,820 square meters, and they are situated in sector Alpha-2 in Greater Noida, close to Yamuna Expressway.
Ashutosh Dwivedi, Additional CEO of Greater Noida Authority, mentioned that these plots were sold at an average rate 40 percent higher than their reserved price, resulting in an additional Rs 46 crore for GNIDA. He highlighted Greater Noida’s attractiveness for commercial investors and listed potential developments like hotels, malls, showrooms, and bank branches on these plots.
Officials noted that Greater Noida’s proximity to the under-construction Noida International Airport in Jewar and the upcoming Film City along Yamuna Expressway makes it an ideal location for commercial, industrial, and residential projects. They emphasized the preference of businessmen and industrialists for investing in Greater Noida due to its growth potential.
The commercial plot scheme launched by GNIDA offered a floor area ratio (FAR) of 4, with a reserve price of Rs 207 crore for the five plots. However, after the bidding process, approximately Rs 253 crore was received.
The scheme for commercial plots was launched on November 10, 2023, with registration closing on December 1, 2023, and the bidding held on February 12 for these plots. The largest plot among the five has an area of 11,500 square meters, with a reserve price of approximately Rs 109 crore, sold for around Rs 115 crore. The remaining four plots are each 2,580 square meters in size.
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