Noida receives 3 bids for group housing plot

NOIDA: Even as real estate seems to be down in the dumps, land in Noida seems to be in demand.

Noida Authority has received three bids for its 1.26 lakh square meters of land for a group housing plot in sector 43 on Friday. While the technical bids will be examined and in place by August 16, the financial bids will be finalized by the end of next week. The plot was auctioned at a reserve price of Rs 77,552 making its worth over Rs 1,000 crores.

According to officials, the three companies that have bid for the plot include Shipra Estates Limited, Saya group and Vibhor Vaibhav Infrahome Pvt Ltd. "The plot was auctioned on a two-bid system including a technical bid and a financial bid," said Bipin Gaur, general manager, group housing, Noida Authority.

"The highest bidder will be allotted the land once we have scrutinized the three bids technically and financially," he said.

"The large plot, once allotted will be allowed a ground coverage of 40%. A maximum Floor Area Ratio (FAR) of 3.5 will be allowed here. The height of the buildings will be permitted as per Noida's architectural norms," he added.

The said land in sector 43 land had earlier been involved in a legal wrangle between Noida Authority and Kendriya Karamchari Greh Samiti Society. However officials told TOI that the case has since been closed and the land is no more disputed.

The case, which is almost 20 years old, had pertained to Noida Authority cancelling allotment of plots to 1,754 members of the Kendriya Karamchari Sahkari Grih Nirman Samiti, a group housing society of Central Government employees. It was the contention of the Authority that the land was allotted in March 1995 fraudulently on the basis of a bogus list of society members.

The allotments were then cancelled in May 1998 after an inquiry was conducted by Noida Authority officials. However, the society had claimed that more than 116 acres of land belonging to it had been forcibly acquired by the government and hence society members were entitled to the allottment of 40 per cent of the total land acquired as per Noida's policy.

In 2008, Noida authority had tried to allot the same land through bidding process. But the society approached the Allahabad high court that stayed the allotment process.

SOURCE: THE TIMES OF INDIA