The Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a scheme for the allocation of three commercial plots situated in Sector 28. These plots are specifically designated for the establishment of hotels in close proximity to the forthcoming Noida International Airport in Jewar.
The scheme is scheduled to conclude on November 20, with the plots being assigned through an e-auction set for November 29. Successful bidders will be required to complete the initial phase of construction within three years, while the entire project must be finished within five years.
Key Highlights of the Industrial Plot Scheme:
The commercial plots reserved for hotel construction are situated in Sector 28, strategically located near the upcoming Noida International Airport, eastern-western freight corridors, the upcoming International Film City in Sector 21, and the medical device park. These hotel plots offer convenient access to the Yamuna Expressway.
Number and Size of Plots
Under the scheme, only three plots are available for allocation, and they come in three distinct sizes – 3400 square meters (sqm), 5000 sqm, and 10,000 sqm.
These plots will be allocated at a rate of Rs 59,100 per sqm. Additional charges may apply for preferred locations. The reserve prices for these plots range from Rs 20.10 crore to Rs 62.06 crore. The earnest money deposit (EMD) values vary from Rs 2 crore to Rs 6.3 crore, depending on the plot size. Applicants are also required to pay a non-refundable processing fee ranging from Rs 2.01 lakh to Rs 6.30 lakh, excluding an 18 percent GST.
The allocation of these plots will be conducted through e-auction on November 29. Successful bidders will receive a lease term of 90 years.
The Authority has clarified that those acquiring these plots are allowed to construct multi-story buildings with no specific height restrictions. However, for hotel structures exceeding 24 meters in height, clearance from the Airports Authority of India (AAI) will be necessary.
Hotel developers securing land through e-auction are obligated to complete the initial phase of work within three years, and the entire project must be finalized within five years, as stated by the Authority.
Applicants must make a payment of 40 percent of the total amount (including the registration fee or EMD amount) within 60 days from the date of receiving the allotment letter. The remaining 60 percent can be paid in 10 half-yearly installments over a period of five years.