Greater Noida Authority Launches Commercial Plot Scheme for Shopping Malls
The Greater Noida authority has announced the launch of a commercial plot scheme that consists of 22 plots intended for the construction of shopping malls in the city. In an effort to provide land for these projects, the authority will be conducting an e-auction to allocate the plots to interested parties.
The plots, which range from 1,500 square metres to approximately 19,000 square metres in size, are strategically located within Greater Noida’s residential areas. This scheme presents a fantastic opportunity for realtors, as the authority currently does not possess any additional land to develop similar projects after the allotment of these plots.
According to Santosh Kumar, the officer on special duty at the Greater Noida authority, the registration process for these plots has already begun. Interested parties will encounter plot sizes varying from 1,500 square meters to 18,279 square meters across different residential sectors. The upcoming Noida International airport, expected to be operational by next year, has significantly increased the demand for land, causing supply constraints for the authority.
In line with the directives of Greater Noida authority CEO NG Ravi Kumar, the 22 plots scheme has been launched by the commercial department to address these demands. To streamline the application and allotment process, all transactions will be conducted electronically. Interested applicants can submit their applications through the State Bank of India (SBI) portal, which is now also integrated with the Greater Noida authority website.
Echoing the sentiments behind launching this commercial plot scheme, Ashutosh Kumar Dwivedi, the additional chief executive officer of the Greater Noida authority, emphasized the authority’s desire to cater to the needs of investors and the residents of Greater Noida. As soon as the allotment process is completed, possession of the plots will be granted, and commercial activity on these sites can commence after appropriate construction.
The reserve prices for these plots range between ₹9.62 crore to ₹119.53 crore for the 2 FAR (Floor Area Ratio) category, whereas for the 4 FAR plots, the price varies from ₹35.96 crore to ₹105.89 crore. Officials have stated that the applicant who places the highest bid will be granted the right to allotment for the plot, highlighting the competitive nature of the e-auction process.
With limited land supply and the increasing demand for commercial spaces, the Greater Noida authority’s initiative to develop shopping malls through this plot scheme is a crucial step in meeting the growing needs of the city’s residents and investors.
