Greater Noida Authority floats commercial plot scheme for shopping malls, hotels in six sectors

Greater Noida

The Greater Noida Industrial Development Authority (GNIDA) will soon allot land for setting up of shopping malls, hotels and commercial complexes in its jurisdiction.
Under the scheme, 22 commercial plots of different sizes are being offered under e-auction, officials said. The last date to register is December 1 and the deadline to submit fees is December 5, 2023.

Here are five things to know about the commercial plot scheme:

Location

According to the scheme document, these commercial plots are located in six different Greater Noida sectors including sector 10 (four plots), sector 12 (six plots), Alpha-II (five plots), Delta-II (five plots), Techzone VII (one plot) and Ecotech 12 (one plot). These plots are located in proximity to residential, commercial and educational hubs and have easy access to eastern and western dedicated freight corridors, Yamuna Expressway and the upcoming Noida International Airport in Jewar.

Number and size of plots

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These 22 commercial plots are being offered in eight sizes – 2313.47 square metres (five plots), 2580 sqm (four plots), 9250 sqm (one plot), 10,000 sqm (one plot), 10,400 sqm (six plots), 10,600 sqm (three plots), 11,500 sqm (one plot) and 12,000 sqm (one plot).

Price

The reserve prices of these plots are between Rs 21.94 crore and Rs 109.1 crore. The EMD (earnest money deposit) value of these plots will be 10 percent of the cost of the plot, or between Rs 2.1 crore and Rs 10.9 crore depending on the size. The applicants will also have to pay non-refundable processing fees between Rs 2.01 lakh and Rs 6.30 lakh excluding 18 percent GST.

Allotment

These plots will be allotted through e-auction on an “as in where is” basis. The date of the e-auction will be announced separately. The Authority noted that successful allottees will be provided ‘FAR 4’ for optimum usage of their plots.

Also Read: Five things to know about Yamuna Expressway Authority’s group housing plot scheme

Payment Plan

The Authority has provided two payment options for the commercial plot scheme. In option one allottees can make full and final payment of the total premium (including earnest money) of the plot within 90 days from the date of issue of the allotment letter. In such a case, a rebate of 2 percent will be given on the total premium of the plot.

In option two, the successful allottees will have to pay 40 percent of the total amount (including the registration fee or EMD amount) within 60 days from the date of issue of the allotment letter. The balance 60 percent has to be paid in six half-yearly EMIs over three years.