NOIDA: Nearly 1.9 lakh applicants will be part of a draw of lots for allotment of 361 residential plots offered by the Yamuna Expressway Industrial Development Authority (YEIDA) near Noida International Airport.
The draw of lots will be held on Thursday at the India Expo Centre located in Greater Noida.
Interest in plots near the airport and along the Yamuna Expressway has increasingly gone up after the foundation laying ceremony of the airport was conducted in Nov 2021.
On an average, 518 applicants have applied for each residential plot.
Launched in July this year, YEIDA’s latest scheme includes residential plots in sectors 16, 18, 20 and 22D. The plot sizes range from 120sqm to 4,000sqm, and are priced at Rs 29,500 per sqm.
A YEIDA scheme introduced last year for 1,184 plots saw nearly 1 lakh applicants. In 2022, demand saw a surge for the first time, with the authority receiving 64,000 applicants for 477 plots.
Response to schemes was lukewarm before late 2021, primarily due to considerable distance from Noida and Greater Noida.
“The scheme has generated substantial interest among applicants primarily due to its strategic proximity to the upcoming Noida International Airport, which is poised to significantly enhance the region’s real estate market. In addition to the airport, several major projects, including Film City, Semiconductor Park, Japanese City, Korean City, Software Park, and Medical Device Park are in the works,” Avneesh Sood, director of Eros Group, said on Wednesday.
Sood added that this interest in residential plots was also because of “competitive pricing”.
“Along with that, infrastructure and connectivity projects planned in the region are likely to have fueled interest among homebuyers and investors in the region,” he added.
One of the applicants told TOI that pricing was a key reason to go for the scheme.
“It is hard to find such low prices in NCR. Second, the presence of Noida airport and other nearby projects along the Yamuna Expressway have made it an attractive investment. If allotted, it will be an asset for my family,” he said.
According to official data, 202,235 applications were received for the scheme. Of these, 187,000 chose the one-time payment option and 14,374 opted for installments.
The highest number of applications received was for 120sqm plots (67,197), followed by 300sqm (59,163) and 162sqm (44,181). Another 9,777 applicants opted for 500sqm plots, 3,658 for 1,000sqm, 2,512 for 200sqm, and 1,089 for 4,000sqm.
YEIDA officials said on Wednesday that given the overwhelming response, applicants who selected installments for payments would not be considered as this preference was specified in the scheme brochure.
Among applicants, 264 had submitted multiple applications and 20 were rejected after they surrendered their applications.
On Thursday, 1% of the applicants (around 1,900) will be present at the Expo Centre, where the draw of lots will take place.
The remaining can watch the live telecast of the draw on social media. The draw will be carried out under the supervision of three retired judges of the high court. Unsuccessful applicants will get their registration amount back within 72 hours.
