The base price of these plots was Rs 153 crore while they were e-auctioned for Rs 415 crore, translating into additional revenue of Rs 262 crore for GNIDA, which launched the scheme for the phased auction on January 20.

The Greater Noida Industrial Development Authority (GNIDA) has auctioned 166 residential plots for Rs 415 crore, which is around 272 percent more than the base price of these plots, highlighting the real estate potential of the industrial and commercial township near Delhi.

Authority officials said that these residential plots will rake in Rs 262 crore more than their reserve price. The auction of these 166 residential plots lasted for five days.

The base price of these plots was Rs 153 crore while they were e-auctioned for Rs 415 crore, translating into additional revenue of Rs 262 crore for GNIDA, which launched the scheme for the phased auction of the 166 residential plots on January 20.

The reserve price for the 166 residential plots ranged between Rs 34,000 per square metre and Rs 43,000 per square metre, while the plot size was between 162 sq metres and 738 sq metres.

These plots are located across seven sectors in Greater Noida, including sector 2, Chi 3, Phi 3, Delta 2, Delta 3, Sigma 1 and Sigma 2.

New payment system

Officials said that allottees would have to make full payment within 90 days of the issuance of the allotment letter by the Authority.

They said that before 2019, allottees had to pay only 30 percent of the total value as the booking amount at the time of allotment, while the remainder was divided into eight EMIs which they had to pay over five years.

“But in the old payment system, many a time allottees were unable to clear their dues, so a new arrangement was brought in. Under the new system, allottees have to make full payment within 90 days of the allotment letter being generated. If they fail to deposit the full amount, the Authority will cancel the plot allotment,” an official said.

The official added that as per the norms, allottees will have to complete construction on the plot in a span of three years, else notices would be issued to the allottee. A maximum extension of five years, with penalty, could be provided, said the official.

“So, a total of eight years is given to the allottee to complete construction work on the plot. If the allottee fails to complete the project even during this period, the Authority has the right to cancel the allotment,” the GNIDA official told Moneycontrol.

Plot locations

GNIDA Additional CEO Anand Vardhan said that the Authority received a good response from buyers as all the plots were sold at prices higher than their base prices.

He said that during the e-auction, a 220 square metre plot located in Sector 2 had been sold for Rs 1.41 crore, which was 162 percent more than the reserve price of Rs 87.12 lakh. He added that possession of plots would be given to allottees soon.

Vardhan said that 142 plots measuring 220 sq metres each were located in sector 2, which also has 15 plots of 162 sq metre size.

Similarly, 15 plots measuring 500 sq metres and one plot with an area of 738 sq metres are in sector Chi 3, he said. Four residential plots measuring 350 sq metres are in sector Phi 3, two plots of 200 sq metre in sector Delta 2 and two plots measuring 350 sq metre in Delta 3.