The Greater Noida Industrial Development Authority (GNIDA) has cleared the way for building more than 8,000 apartments with the launch of the builder plot scheme on July 2.
The authority has put on sale five builder plots in five different sectors of Greater Noida. Based on the reserve price, it expects a revenue of around Rs 500 crore from the sale, officials said.
“Witnessing a rise in demand for the residential sector, we have floated the builder plots scheme. Under the scheme, developers will be able to create around 8,000 flats in these five sectors, which have good connectivity and infrastructure. We are hopeful of a good response towards the scheme,” GNIDA CEO NG Ravi Kumar said on July 2.
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Here are five things to know about the scheme:
Location
The plots are located in sectors Omicron One A, Mu, Sigma 3, Alpha 2 and Pi One.
These sectors have good connectivity with the Yamuna Expressway, which connects Greater Noida with the heritage cities of Agra and Mathura, and the Eastern Peripheral Expressway (EPE), officials said. These sectors will also be connected with the upcoming Noida International Airport in Jewar.
Plot size
The sizes of the plots range between 3,999 and 30,470 per square metres (sq m). The Greater Noida Authority said a total of 99,000 square metres of land would be allotted through the scheme.
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Price
The reserve price ranges between Rs 48,438 and Rs 54,493 a square metre, depending on the plot size and location. The cumulative price of these five land parcels at the reserve price is approximately Rs 500 crore.
Allotment
The allotment of plots will be done through an e-auction, the date of which is yet to be announced. The registration for the scheme began on July 2 and the last date to apply is July 23. Interested applicants can submit their documents by July 29.
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Payment plan
At the time of submitting their application, the applicants will have to deposit earnest money, which will be 10 percent of the reserved price. Successful bidders will have to pay the entire amount within 90 days from the date of issue of the allotment letter.
