Noida Authority is preparing to conduct an e-auction for three commercial plots located in Sector 50 by the end of June. These plots were initially part of a scheme launched in February 2023, which aimed to allot 14 commercial plots. However, despite two deadline extensions, only three applications were received, prompting the decision to put the remaining plots up for sale through a fresh scheme.
Officials have disclosed that a total of five to seven applications have been received for the three plots available for bidding. The applications are currently undergoing scrutiny, and once approved by the Authority CEO, the e-auction will proceed. The plot will be awarded to the highest bidder, as determined during the auction process. Meanwhile, the Noida Authority plans to launch a new commercial plot scheme within the next 2-3 months, offering additional opportunities for interested investors.
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Regarding the speculation surrounding the involvement of the LuLu Group, a United Arab Emirates-headquartered company, officials have clarified that they did not apply for this particular scheme. However, it is worth mentioning that the LuLu Group had previously signed a memorandum of understanding with the Noida Authority, expressing their intent to invest Rs 2,500 crore in Noida for the development of a mall and a hotel. The 14 commercial plots initially offered under the scheme are located across Sectors 32, 35, 40, 50, 94, 96, 108, 124, 132, and 135. Of these, the three plots currently being auctioned are situated in Sector 50.
Noida Authority’s decision to conduct an e-auction for these plots reflects their commitment to facilitating commercial development in the area. With the upcoming launch of a new commercial plot scheme, investors who have pledged to invest during the UP Global Investors Summit will have further opportunities to participate in Noida’s flourishing commercial landscape.