NOIDA: Eight group housing plots, ranging in size from 3.5 to 10 acres, have been put up for e-auction by the Greater Noida Industrial Development Authority (GNIDA). These plots are situated in Sectors Mu, Omicron, Eta, Sigma in Greater Noida, and sectors 36 and 12 in Greater Noida West.
The developers must pay the entire land cost within 90 days. They will then have to complete the project according to the approved layout plan and obtain an occupancy certificate from GNIDA in a maximum of five phases within seven years from the date of the lease deed execution.
In Greater Noida, the plot offered in Sector Mu is 4.5 acre, while a 7.5 acre plot is available in Omicron 1A, and a 7 acre plot is situated in Eta 2. Two plots of 7.5 acre and 9.5 acre respectively are available in Sigma 3. In Greater Noida West, the smallest plot, measuring 3.5 acre, is offered in Sector 36 while two plots of 5.5 acre and 8 acre are available in Sector 12.
The deadline to apply for the scheme is Feb 27, with applicants having until March 1 to submit documents. According to Authority officials, the lands are free from all encumbrances and will be ready for possession within 30 days.
The land rates range from Rs 36,500 per sqm to Rs 48,300 per sqm, with the total reserved price for these plots exceeding Rs 970 crore. The plot allotment will be on a leasehold basis for 90 years from the date of the lease deed execution.
No amalgamation or subdivision is allowed on the allotted plots. The allottee is solely responsible for the development and construction of all proposed activities as approved by the Authority. Consortiums are allowed but must remain unchanged until the completion of the project.
The lead member along with other members will be equally responsible for project completion. They will be required to form a special purpose company (SPC) that will subsequently carry out all its responsibilities as the allottee.
The shareholding and lead member of the SPC will be the same as the memorandum of association (MOA) signed between all consortium members. The lease deed shall be made in favour of the SPC.
In May last year, a 6 acre plot in Sector Zeta 1 was allotted to Prasu Infrabuild for Rs 110 crore, against the reserve price of Rs 108.56 crore, through e-auction. Prasu Infrabuild Limited has bought the plot and it is estimated that about 1,100 new flats will be built on this plot.
