In a recent series of events, the Greater Noida Industrial Development Authority (GNIDA) has initiated a scheme for the allotment of eight plots aimed at residential development, marking the end of a decade-long break in such endeavours.
This move comes in response to the escalating demand for housing in the region, reflecting the rapidly increasing population and urbanization trends.
GNIDA Scheme Details
The scheme, which commenced on February 7 and is slated to conclude on March 1, represents a golden opportunity for real estate developers to invest in residential projects within the Greater Noida area.
Interested parties are supposed to submit their applications till February 2 for consideration, ensuring a fair and transparent process for participation.
The scheme’s duration provides ample time for developers to evaluate the potential of the plots and formulate their proposals.
Plot Locations
The eight plots on offer are strategically located across six different sectors in Greater Noida. These sectors have been carefully chosen for their proximity to major expressways and upcoming infrastructural projects, including the proposed Film City and the eagerly awaited Noida International Airport in Jewar.
Such prime locations enhance the appeal and potential value of the plots for residential development, attracting developers keen on tapping into the growing demand for housing in these areas.
Plot Sizes and Rates
The plots vary in size to accommodate diverse development needs, ranging from 13,938.5 square meters to 38,771 square meters.
Correspondingly, the rates for these plots vary between Rs 36,500 and Rs 48,300 per square meter, reflecting the varying land values and development potential across different sectors.
The substantial total reserve price for all eight plots, exceeding Rs 970 crore, outlines the significant investment opportunity presented by the scheme, captivating developers to participate and capitalize on the growing demand for residential properties in Greater Noida.
Allotment Process and Requirements
The allocation of these plots will be conducted through an e-auction process, ensuring fairness and transparency in the selection of developers. The plots will be offered on a leasehold basis for a duration of 90 years, providing developers with a long-term investment horizon and the opportunity to generate steady rental income over the lease period.
While consortiums are allowed to participate in the bidding process, any changes to the composition of consortium members are prohibited until the completion of the project, ensuring stability and continuity in project execution.
Applicants are required to deposit 10 percent of the plot cost as registration money, in addition to a processing fee of Rs 4.15 lakh, demonstrating their commitment and financial capability to undertake the proposed development.
Successful bidders must fulfill their financial obligations by paying the entire land cost within 90 days of receiving the allotment letter, ensuring timely payment and adherence to contractual obligations.
Moreover, developers are expected to complete their projects within seven years from the date of the lease deed execution to obtain an occupancy certificate, ensuring timely completion and delivery of residential units to buyers, thereby enhancing the credibility and reputation of developers in the market.
The initiation of the scheme for the allotment of eight residential plots in Greater Noida marks an important moment in the region’s real estate landscape. This endeavour not only addresses the pressing need for housing but also signifies a concerted effort by the Greater Noida Industrial Development Authority (GNIDA) to stimulate economic growth and infrastructural development in the area.
The GNIDA Housing Scheme for the allotment of residential plots embodies the collective aspirations of stakeholders to build a sustainable and prosperous future for the region.
By making use of the opportunities presented by the GNIDA Housing Scheme, developers have the potential to not only achieve commercial success but also contribute meaningfully to the socio-economic development of Greater Noida, leaving a lasting legacy for generations to come.
ALSO READ: Railway PSU stocks face heavy decline
