The Yamuna Expressway Industrial Development Authority (YEIDA) has successfully auctioned nine group housing plots for a total of ₹1,034 crore, reflecting the increasing demand for residential properties in the vicinity of the upcoming Noida International Airport.
The auction concluded on October 24, 2024, marking a significant development for the region.
With the new international airport expected to become operational by early next year, the demand for housing in the area has surged. Developers, including Eldeco, Purvanchal Projects, Arihant Buildwell, and Gaursons, emerged as the winning bidders for these prime plots located in Sectors 18 and 22D along the Yamuna Expressway, as published by Money Control.
According to YEIDA officials, the agency launched a group housing scheme in August 2024, aiming to capitalize on the growing demand for residential properties. This move follows a lackluster response to a previous scheme initiated in September 2023.
Key Auction Details
The recent e-auction generated considerable interest, resulting in the sale of nine group housing land parcels near the airport. The reserve prices for these plots ranged from ₹32,375 to ₹35,612 per square meter, depending on their size and location. Notable sales include:
- Eldeco: 45,731.1 square meter plot for ₹172.5 crore
- Gaursons: 47,754.6 square meter plot for ₹167.2 crore
- Arihant Buildwell: 47,754.8 square meter plot for ₹186.6 crore
- Purvanchal Projects: 48,564 square meter plot for ₹185 crore
- Exotica Housing: 20,235 square meter plot for ₹66.17 crore
- SG Estates: 20,235 square meter plot for ₹66.17 crore
- Vrinda Housing: 20,235 square meter plot for ₹67.49 crore
- Agarwal Food Grains: 20,235 square meter plot for ₹66.8 crore
- Splendor Landbase: 16,188 square meter plot for ₹55.5 crore in Sector 18
This auction is significant as it marks the largest allotment of group housing plots by YEIDA since 2014. The previous scheme launched in September 2023 had a disappointing response, prompting YEIDA to reintroduce the initiative with greater incentives for developers.
As the Noida Airport nears completion, the real estate landscape in the region is expected to transform rapidly. The ongoing development will likely enhance the area’s attractiveness for both investors and homebuyers.
The auction of group housing plots near Noida Airport not only signifies a robust interest from developers but also highlights the growing momentum in the region’s real estate market. With the imminent opening of the airport, both residential and commercial developments are set to flourish, creating new opportunities for investment and growth.