Greater Noida authority collects

The Greater Noida authority has sold five group housing plots to realtors, including Godrej, Dubai based Sobha Limited and others, collecting a revenue of ₹1,500 crore, which is double the reserve price of these plots, said authority officials.
The authority said developers are purchasing group housing land at double the rate in online bidding owing to the demand for housing in the industrial town.
Dubai based Shobha Limited has bought a group housing plot for the first time to develop an ”ultra luxury” housing project.
“There is a demand for quality housing products in this city and these new developers entering the market will cater to the growing demand. We are happy to collect double the reserve price as revenue from the sale of these five plots. We expected to collect ₹700 crore for the five plots on the basis of the reserve price. But applicants went on to place 128% higher bids against the reserve price. It proves that the demand for quality projects is growing due to the world-class infrastructure that the city offers,” said Ravi Kumar NG, chief executive officer, Greater Noida authority.
The reserve price for these plots was in the range of ₹48,438 per square metre to ₹59,943 per square metre, said officials.
The Greater Noida authority on Wednesday (August 7) conducted the e-bidding process for the allotment of the five group housing plots in different sectors. A total of 38 developers participated in the e-bidding process.
Godrej got two plots — a 32,000 square metre plot for ₹1,36,743 per square metre in Sector 12 and a 38,700 square metre plot in Sector Sigma-3 for ₹1,03,243 per square metre.
Sobha Limited placed the highest bid of ₹1,16,012 per square metre for a 13,900 square metre plot in Sector 36. Ashtech industries got a 22,558 square metre plot in Sector 12 for ₹1,30,743 per square metre.
Prasu Infrabuild and Kamroop Infrabuild together bought a 28,265 square metre plot in Sector Eta 2 at a rate of ₹71,404 per square metre, said the authority.
In all, the authority sold 34 acres in these five group housing plots.
“We are preparing land to come up with more plot schemes to meet the demand,” said Ravi Kumar.
As per the rules these five developers will have to pay the total cost of these plots within 90 days from the date of the allotment. Godrej and Shobha Limited were not available for comment despite repeated attempts to reach them.
“We welcome the new players because they will create diversity in the real estate market. Greater Noida has been a favourite region for affordable housing units. But e-bidding discourages the developers who do not have capacity to participate against the prominent realtors,” said Dinesh Gupta, secretary of Confederation of Real Estate Developers Association of India (CREDAI), a realtors lobbing group.