Online auction of 500 residential plots in Noida next month

NOIDA: The Noida Authority will soon launch a scheme of 500 residential plots, half of which are in Sector 151. The plots will be allotted through e-auction, following norms similar to those of the Delhi Development Authority. It will be the first time that plots will be allocated through e-auction in Noida.

Officials informed that of the 500, 230 are new plots in Sector 151, while the rest 270 include plots surrendered or cancelled after previous allotments. These are spread across the city.

The plots will be of 110-450 square metre (sqm) area. The rate of the plots will be Rs 47,000 per sqm, and the applicant will have to bid at a cost higher than this.

The launch of the scheme is likely next month. Before that, the authority will take approval for the scheme from its board. Information about the scheme would be disseminated through the authority’s website and other social media platforms.

In the last board meeting, the authority approved e-auction for the plots. The applicant will be able to participate in the online auction of more than one plot, but after the allocation of one of them, he or she will not be able to participate in the auction of the rest of the plots. The registration fee will be 5%, which was 10% till now.

The authority would refund the registration fee for the rest of the plots if someone participates in the auction of multiple plots.

In addition, the authority is preparing to reduce the time limit for depositing the land purchase amount.