The Noida Authority has announced the auction of commercial plots in its area. Twenty-seven plots across two scheme categories, ranging in size from 25,000 to 500 square metres have been reserved at prices of Rs 1.59 lakh to Rs 2.40 lakh per square metre.
Bidding of these plots for commercial use by consortiums, investors and entrepreneurs will kickstart at a whopping Rs 397.5 crore and Rs 12.24 crore, respectively. The successful bids of the two schemes will be finalized in August.
According to officials, the schemes titled 'Commercial Builder Plots I and II' comes on 'as is where is basis'. The commercial plots will be used for activities such as shopping malls, showrooms, retail outlets, hotels, restaurants, offices subject to Master Plan of Noida.
The development of the commercial plots for both categories will allow a 40% permissible ground coverage with a maximum floor area ratio (FAR) of 2 for the first and a FAR between 2 and 4 for the second scheme. The height of the commercial buildings will be permitted according to Noida's architectural norms.
"These plots range from the smallest size of 510 square meters to the biggest, which is 25,000 square metres, across both schemes," said a senior Noida official. In the commercial builder plot scheme, which will be allotted on a single bid, there are a total of 19 plots. The plot size in this category ranges from 510 sqm to 3,447 sqm. With a reserve price for these plots ranging from Rs 1.59 lakh to Rs 2.59 lakh, the bidding for these plots will kickstart at Rs 12.24 crore crore for the smallest plots and Rs 55 crore for the largest sized plot. These plots are located in sectors 1, 23, 26, 36, 46, 49, 58, 61, 62, 82 and 92.
For commercial plots falling in Category-II, a 40% permissible ground coverage will be allowed with a maximum FAR of 4. The scheme is available on a two-bid system. The buildings constructed on these plots will be be developed in keeping with Noida's building norms.
"These plots will be located in sectors 62, 96 and 121," the official said.
With a reserve price ranging in this category from Rs 1.59 lakh to Rs 1.66 lakh per square metre, the auction for the smallest plot at 6,046 square metres will be launched at more than Rs 95 crore, while the biggest plot will start bidding over Rs 397 crore for a 25,000sqm plots in Sector 62 of Noida. The technical bids will be finalized on August 10, while the financial bids will be finalized a few days later, officials said.
SOURCE: THE TIMES OF INDIA
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