Greater Noida: The authority of the construction of the Great Noida Industry (Gnida) has allocated 18 industrial and commercial plots for the past week, an achievement that refers to recovery in the real estate sector posting a pandemic.
While 14 plots to prepare industry, only four for commercial purposes.
Officials said while the industrial and housing scheme of the development authorities had produced a response, it was the first time in almost five years that so many bidders showed interest in taking commercial plots.
18 plots have been sold with a 100% premium and have double ordered from the reserve rate during auction.
Gnida last week launched a commercial scheme consisting of a total of five plots, with the smallest measuring 1,200 sqmt in Delta 2 and the largest in Eta 1 spread across 7,455 sqmt.
The remaining three plots have been developed in the P4 and 36 sectors.
Prohibiting the ETA 1 plot, the remaining four have been taken by entrepreneurs.
Regardless of the positive response to 18 plots, the revised payment conditions introduced this year have become an additional advantage.
Allottees now need to deposit 50% of all soil premiums in 60 days and the remaining 50% over the next four years with installments.
It was also the first time in five years that Gnida had been able to allocate several plots of inventory in the first attempt.
Chief Executive Officer Narendra Bhoohan said there were many entries for the plot.
“The biggest of them all, at ETA 1, must be taken forward in the next scheme among the five commercial plots.
We got an encouraging response for the remaining,” he added.
Authority officials now explore the option to divide the ETA plot into two or more servings when market participants say that large-scale commercial development can only be planned in phases and according to demand.
Aditya Bansal, a partner at a commercial real estate company in NCR, revealed a similar view.
“The demand for commercial outlets and organized office space has dropped for the past two years because of the pandemic.
But at the same time, small and local businesses have grown.
Market players feel a hidden request for housing and commercial real estate.
But blocking large commercial plantations does not make sense Because realty companies face liquidity crises and can adhere to empty land parcels only to a certain point, “he added.
As many as 33 bidders have shown interest in the newly launched plot scheme, officials said.
Local market players feel that the high commercial level in Noida also has an effect on Greater Noida.
Subodh Goel, Credit Secretary (Western Up), said, “Greater Noida’s level is lower than it in Noida.
Also, commercial activities that are less visible at Noida East are greater than the West.” Commercial plot level with 2 fares in Noida is almost three times the available with Gnida.
While the average reserve rate of the plot was taken in the latest scheme in Greater Noida floating around RS 45,000 for SQMT, the plot in the Nida Urbanization sector will cost Rs 1.4 lakh for SQMT.
14 industrial plots last week took a total rs 130 crore.
Entrepreneurs who have taken the plot have committed to bringing RS 800 Crore Investment and produces 2,000 jobs.
The industrial scheme consists of plots in various sectors of the ecotek block.