7 DEVELOPERS INTERESTED IN G NOIDA PLOT SCHEME

GREATER NOIDA: Officials of the Greater Noida authority said on Monday that at least seven developers have shown interest in its group housing plot scheme, which was launched on October 13 this year — after a gap of nearly five years. These seven interested developers are likely to take part in the e-auction of these plots, scheduled to be held on November 22 this year.

Whosoever will place the highest bid against a plot will get the same. The authority has fixed ₹32,000 per square metre (sqm) as the reserve price, and developers are supposed to place bids above the reserve price. The authority is expected to raise around ₹400 crore by selling all four plots available under the scheme now, said the officials. Of these four plots, one each is in sectors Zeta 1 and Eta 2, and two in Sector Sigma 3. The size of these plots will range from 23,500sqm to 39,321 sqm. The authority officials said that a realtor, according to the Uttar Pradesh government directions, will have to develop at least 25% flats for economically weaker section (EWS) and low-income group (LIG) on each plot.

“We have made an assessment of the initial response to the scheme, and realised that the seven applicants are keen to participate in the e-auction of these plots,” said Santosh Kumar, OSD, Greater Noida authority. The real estate sector has been witnessing an economic crisis even before Covid outbreak in early 2020, and the developers’ interest in the plot scheme is quite good in view of the current situation, said officials.