NOIDA: The Noida Authority’s auction of a dozen commercial plots in Noida had no takers till Friday. It was the third time that the commercial plots had failed to draw a single bidder. Last year also the plots were put up for bidding twice but failed to find even a single buyer. The sluggish real estate market and the high prices of plots seem to have played spoilsport in the Authority’s plans.
According to officials, a total of 12 plots ranging from 6,046 square metres to 64,500 sqm were put up for bidding on June 17. The reserve prices for the 12 plots had been fixed between Rs 1.59 lakh and Rs 1.66 lakh per square metre. The bidding of these plots for commercial use by consortia, investors and entrepreneurs was to start at Rs 96.13 crore for the 6,046-metre plot, while the biggest plot at 64,500 metres was to be auctioned starting at Rs 1,025 crore.
According to officials, plots were to be allotted on a single bid in this scheme. They are located in sectors 44, 62, 63, 94, 96, 121 and 124. The plots were to allow a 40% permissible ground coverage. A maximum floor area ratio (FAR) of 2 to 4 was fixed depending on the location of the plot. The height of the commercial buildings were to be permitted in keeping with Noida’s architectural norms.
The scheme titled, ‘Commercial Builder Plots I’, which came on ‘as is where basis is’ was to finalise bids for the plots on July 11 but was extended till July 22. However, till Thursday not a single tender was received by the Authority.
The commercial plots are to be used for activities such as shopping malls, showrooms, retail outlets, hotels, restaurants and offices subject to master plan of Noida. The officials attributed the failure to get even a single tender to the prevailing recession in the real estate sector.
“We are planning to re-launch the scheme after tweaking it and making it more lucrative for buyers and investors,” said Bipin Gaur, general manager, commercial, Noida Authority.
“We will also work out a scheme where more facilities are offered so that we can sell the land,” he added.
Credits ET Realty