Greater Noida Industrial Development Authority (GNIDA) has auctioned three plots for residential development for Rs 521 crore against the reserve price of Rs 262 crore.
The biggest of these plots was secured by Eldeco Infrastructure and Properties Ltd, while Prasu Infrabuild and Divyansh Infraheight jointly secured the second plot. Purvanchal Projects emerged the winning bidder for the third and smallest of the three plots.
“Eldeco is the top bidder for 30,470 sq m plot for Rs 286 crore against the reserve price of Rs 187 crore, while Prasu Infrabuild and Divyansh Infraheight have acquired a 16,276 sq m plot for Rs 154 crore against the reserve price of Rs 91 crore,” said a GNIDA official.
Purvanchal Projects acquired the third plot of 3,999 sq m for Rs 79.65 crore against the reserve price of Rs 23.97 crore.
The auction came days after Mumbai-based Godrej Properties and Bengaluru-based Sobha acquired three land parcels in an e-auction conducted by GNIDA.
The authority had come up with an auction of five land parcels for Rs 738 crore and managed to sell them for a total of Rs 1,500 crore.
Earlier, Eldeco had acquired a 20,000 sq m land parcel near the upcoming Jewar airport in Noida through an auction held by the Yamuna Expressway Industrial Development Authority (YEIDA) for Rs 96.86 crore.
In the same auction, Purvanchal Projects had purchased a 40,000 sq m land parcel for Rs 149.47 crore.
Eldeco has also recently acquired 2.7 acres for Rs 110 crore and 8.5 acres for Rs 165 crore in Gurgaon’s Sector 80 through an auction conducted by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC).
Earlier, the company secured a 36,000 sq m plot in Greater Noida West for a 750,000 sq ft residential development with an investment of Rs 250 crore, as well as 14.5 acre and 18 acre parcels in Sonipat for plotted and villa development.
The company recently secured Rs 350 crore in funding from HDFC Capital Advisors Limited for their joint platform that executes residential projects across the country.
This is the third round of funding in as many years, bringing the platform’s corpus to Rs 850 crore, with an expectation to generate Rs 8,000 crore from 17 projects.
In August 2021, the platform had raised Rs 150 crore and then Rs 350 crore in September 2022, with the focus of developing projects in holiday destinations and tier-2 cities.
The company has planned projects in Delhi, Gurgaon, Ludhiana, Sonipat and Goa. It has already deployed Rs 500 crore in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida (West) and Gurgaon.
Eldeco Group has delivered 200 projects with approximately 30 million sq ft of real estate development. Besides, the group has 30 projects with 35 million sq ft in various stages of execution.
