Noida Authority Announces Auction of Commercial Plots
The Noida Authority announced on Friday, the sale of several commercial plots through a 90-year lease. These plots vary in size, from 6,046 square meters to 64,500 square meters, and are located across various sectors in Noida. The auction is slated to conclude on July 11, 2017.
Auction Details and Permitted Land Use
The starting bid for a 6,046 square meter plot has been set at Rs 96.13 crore, while the largest plot, measuring 64,500 square meters, will open at Rs 1,025 crore. Officials have confirmed that the designated land use for these commercial plots encompasses a range of possibilities, including showrooms, shopping malls, hotels, restaurants, and retail outlets. However, all developments will be subject to adherence to the Noida master plan.
Authority Expects Positive Response
"Considering that the Noida Authority did not raise the commercial land allotment rates in its last meeting held on June 9, we are cheery about the sale of these plots,” said Bipin Gaur, General Manager of the Noida Authority. He further expressed optimism about the sale, stating, “The real estate firm has been witnessing a recession, we hope to sell the commercial plots this time.”
Building Norms and Plot Locations
All construction on these plots will comply with Noida’s building and architectural regulations, including height restrictions. These plots are strategically situated across several sectors, including Sectors 44, 62, 63, 94, 96, 121, and 124.
Coverage and FAR details
Larger plots will be granted a presumptive coverage of 40%, with a permitted Floor Area Ratio (FAR) ranging from 2 to 4, depending on the specific location of the commercial plot. Gaur elaborated on the pricing, explaining, "The fund price in this plots category, which will be auctioned by 2-system of bid, has been fixed at Rs 1.59 lakh per sq meter."