The Noida Authority has officially invited bids to establish a total of nine hotels in proximity to the Taj-Agra Expressway. This ambitious plan includes the construction of three five-star hotels, four three-star hotels, and two four-star hotels, highlighting the growing demand for hospitality facilities in the region.
Bids for this exciting project are set to open on April 24, with the Noida Authority having determined a reserve price of 77,000 rupees ($1,919) per square meter, which measures approximately 10.76 square feet. Notably, the designated plots intended for the five-star hotels cover an extensive area of 24,000 square meters, indicating a significant investment opportunity.
As the economic landscape improves alongside increasing salaries, both individual buyers and corporate interests are boosting demand for residential and commercial spaces, including hotels and offices. The National Capital Region (NCR), which encompasses key areas such as Noida, Gurugram, Ghaziabad, and Faridabad, is currently experiencing a spatial expansion fueled by competitive pricing.
Moreover, earlier this month, developer BPTP Ltd emerged as the winner of a bid for 95 acres of land earmarked for shops and offices in Noida, spending a hefty 50.1 billion rupees. They proposed a price of 130,207 rupees per square meter, significantly above the Noida Authority's 77,000 rupees reserve price. Meanwhile, two major players in India's real estate market—DLF Ltd and Unitech Ltd—have announced plans to combine housing development with new hotels, retail shops, and shopping malls; DLF, for instance, aims to establish 75 hotels across India within the next five years.