Noida authority to introduce new residential plot scheme next month

The Noida authority is set to introduce a residential plot scheme next month for residents who plan to build individual bungalows or villas. It will offer at least 500 plots from the well-developed sectors, sources said.

The authority has readied 250 plots measuring 112 square metres (sqm) to 400sqm in Sector 151, adjacent to the Golf Course. It is also developing an 18-hole golf course along the Noida-Greater Noida Expressway in Sector 151. The remaining 250 plots are located in already developed sectors. These plots measure 250sqm, 300sqm and 450sqm and will be allotted after a competitive bidding that will be conducted online, sources added.

Whosoever places the highest bid for a plot will become eligible for the same, said officials. The 250 plots in Sector 151 have been carved out from government land that was acquired by the authority.

“We are likely to introduce the scheme after completing all procedures. We will first take necessary approvals in our board meeting that will take place soon,” said Ritu Maheshwari, chief executive officer (CEO) of the Noida authority.

In Sector 151, the reserve rate for the plots is 47,000 per sqm. In other parts of the city, the rates are in the range of 50,000 per sqm to 1.5 lakh per sqm, depending upon the sector.

“These plots will be allotted via online bidding and the highest bidder will get them,” said Jyotsana Yadav, officer on special duty at the Noida authority.

The scheme is expected to be launched by the end of May after the board meeting finalises all requisite approvals.