Greater Noida authority auctions nine commercial plot for Rs 5.3 Bn

Greater Noida Industrial Development Authority (GNIDA) has auctioned 9 plots for commercial development for Rs 5.33 billion against the reserve price of Rs 4.58 billion. The biggest of these plots was secured by Adamant Construction while Noida based Nirala World has emerged as the highest bidder for two plots. The auction comes days after the authority auctioned three plots for residential development for Rs 5.21 billion against the reserve price of Rs 2.62 billion. Eldeco Infrastructure and Properties Ltd, while Prasu Infrabuild and Divyansh Infraheight jointly and Purvanchal Projects were the winning bidder for the third and smallest of the three plots. “We have recently acquired a land parcel in Greater Noida West through an auction process. On the purchased land, we intend to build a commercial project (a mall or a high-street), with a construction budget of roughly Rs 250–300 crore,” said Suresh Garg CMD of Nirala World. It has acquired a land parcel of 10,600 sq meter for Rs 180 crore including GST, lease rent and stamp duty. The company is the successful bidder for another commercial plot of a similar size. Nirala World had recently launched a luxury residential project situated in Greater Noida West. Nirala World has already developed a 25-acre project comprising 4050 homes out of which possession of 3600 units has been given to the buyer and 450 units to be delivered soon. Earlier, 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 150 billion.