The Noida Authority has once again failed to find a single taker for its commercial plots, despite announcing the tender in the middle of the festive season to cash in on the upbeat buyer sentiment.
On Wednesday, the Authority had put up 15 medium-sized plots for auction but did not receive a single bid at the reserved base price of Rs 1.66 lakh per sq m. This is the second time this year that commercial plots in Noida have not drawn a single bidder. The previous auction of 19 commercial plots in August had also failed to find a single buyer.
At the time of the announcement, officials had expected the auction to create enthusiasm among buyers and generate several hundred crores of revenue, but blamed the slowdown in the real estate sector for the poor response on Wednesday.
The commercial plots were to be used to set up shopping malls, showrooms, retail outlets, hotels, restaurants and offices in accordance with the Noida Master Plan. Officials said they now plan to re-launch the scheme. The technical bids for 69 small plots and 14 large plots will be finalized on November 19 and 20 respectively, they said.