NOIDA: The Noida Authority on Friday announced the auction of a few commercial plots ranging from 6,046 square metres to 64,500 sqm in different sectors on a 90-year lease. The bidding for these plots will begin at Rs 96.13 crore for the 6,046 sqm plot, while the one for 64,500 sq m will begin at Rs 1,025 crore. The bids will be finalised on July 11, 2017.
According to officials, these large plots could be used for shopping malls, showrooms, retail outlets, hotels, restaurants, etc, but will be subject to the master plan of Noida. “Considering that the Noida Authority did not hike the commercial land allotment rates in its last meeting held on June 9, we are upbeat about the sale of these plots,” said Bipin Gaur, general manager (commerical), Noida Authority. “Even though the real estate sector has been facing a recession, we hope to sell the plots this time,” he added.
The buildings constructed on these plots will be developed as per Noida’s building and architectural norms. The height of the buildings will also be fixed accordingly. The plots are located in sectors 44, 62, 63, 94, 96, 121 and 124.
All the large commercial plots will be allowed a ground coverage of 40%. A maximum floor area ratio (FAR) of 2 to 4 will be allowed depending on the location of the plot. “The reserve price in this category of plots, which will be auctioned via a two-bid system, has been fixed at Rs 1.59 lakh per square metre,” Gaur said.
Credits ET Realty