Noida’s Sector 43 Group Housing Plot Auction Attracts Top Builders, Including Birlas

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    In an exciting development, the Noida Authority is gearing up to conduct an e-auction for its much sought-after group housing plot in Sector 43 next month. This comes after the Authority launched two group housing plots in Sectors 43 and 44 on June 10, 2023. While the auction for the Sector 43 plot has garnered significant attention from reputed developers, the Sector 44 plot’s auction may experience delays due to a lack of sufficient bids.

    Ritu Maheshwari, former CEO of the Noida Authority (now Commissioner of Agra), revealed that the screening of bids for the Sector 43 group housing plot is currently underway and could take around two weeks to complete. As many as five developers, including some prominent builders like Max Group (Max Estate), Gaursons, and notably, the Birla Group, have expressed interest in the Noida Authority scheme. This marks the first time that the esteemed Birla Group has shown interest in a group housing project in Noida.

    In contrast, the auction for the Sector 44 group housing plot has faced challenges, as insufficient bids have been received so far. As a result, the scheme for this plot has been granted a 14-day extension to attract more potential buyers.

    Maheshwari highlighted the positive impact of the Authority’s new lumpsum payment plan for land purchases. In the past, developers were required to pay an initial amount of 10 percent, with the remaining 90 percent scheduled over 7-8 years. However, this payment structure led to mounting dues and stalled projects. To address this issue, the Noida Authority shifted to a more transparent system, mandating builders to make the total payment within 90 days of the allotment. Consequently, financially sound players have shown increased interest in purchasing land from the Authority, ensuring more transparent and reliable deals.

    The change in payment plans has led to the sale of nearly four or five group housing plots under the new scheme in Noida. This has attracted reputed developers with a clean track record, as the stringent terms discourage defaulters and create a secure environment for both builders and homebuyers. Maheshwari stressed that they are committed to maintaining a clean slate and avoiding any preferential treatment for entrants with questionable backgrounds.

    With the upcoming e-auction for the Sector 43 group housing plot, the Noida Authority anticipates an enthusiastic response from renowned builders, paving the way for future real estate developments in the region.

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