Greater Noida authority to auction commercial plots, expects Rs 500 crore

New Delhi: The Greater Noida authority, the landlord for New Delhi’s sprawling south-eastern suburbs, expects revenues of Rs 500 crore from 14 commercial plots it plans to auction by the end of the month, a top official told ET.

As some of the plots are located near the India Expo Mart, which hosts the automobile expo, the authority expects high bids. The expo mart is at the Delhi end of the Yamuna Expressway, a modern six-lane thoroughfare connecting Agra to Delhi.

The plots ranging from 2,600 to 11,500 square metres in size have reserve prices between Rs 10 crore and Rs 75 crore.

“We are focusing on commercial, industrial and residential development in the region and with proximity to Jewar airport and connectivity with Delhi, the land is in huge demand,” said Narendra Bhooshan, CEO, Greater Noida Authority.

The second airport serving India’s capital is coming up near Greater Noida, which is also home to India’s only F-1 circuit.

The authority expects another Rs 600 crore from residential development. With private developers missing deadlines, the authority expects to tap homebuyers looking for flats under the government scheme.

Under the open-ended scheme, where buyers have to apply online, the authority has put 2 BHK flats in high-rise buildings and flats with different options in low-rise buildings on sale.

The buyers will get the possession within a year.

Two BHK at high-rises are priced at Rs 34.72 lakh while two BHK plus are priced at Rs 52.29 lakh. “We are getting queries for it. The scheme got delayed because of Covid-19 but we hope to sell the units,” said an official of the authority.

Besides, the authority also has about 500 ready-to-move-in houses in low-rise condominiums.