In a significant move, the Noida Authority has successfully sold four commercial plots, bringing in a total revenue of ₹1,500 crore. The plots, located in various sectors across Noida, were auctioned through a competitive e-bidding process. The sale is part of the authority’s ongoing efforts to boost the city’s commercial infrastructure and attract more investment.
The Plots and the Buyers
The Noida Authority sold a total of 41,835.46 square meters of land to Max Estate in Sector 105 Noida. Another 23,570.92 square meters was allotted to M3M in Sector 97 Noida. Additionally, a 24,000 square meter plot in Sector 98 went to Manglam Multiplex Pvt Ltd, and a smaller 812.73 square meter plot was allotted to Vertex Construction.
These plots are set to host a variety of commercial ventures, which will contribute to Noida’s growth as a major business hub in the region.
How the Process Worked
The sale process took place through an e-bidding system, where companies placed bids for the available plots. The authority selected the companies with the highest bids above the reserve price. According to Lokesh M, the CEO of the Noida Authority, the allotment letters will be issued soon after all formalities are completed.
The e-bidding for these plots took place on January 21 and 22, 2025. The plots were part of a scheme launched by the Noida Authority in September and December 2024. These schemes offered large plots (over 20,000 square meters) as well as smaller plots (under 20,000 square meters) in various developed sectors of the city.
Challenges in the Bidding Process
While the recent auction saw success with these four plots, officials noted that there were fewer companies showing interest in the plots from earlier schemes. The Noida Authority has a rule that at least two companies must participate in each bidding process to ensure competitive bidding and maximize revenue. Unfortunately, for many of the other plots, this didn’t happen, leading to some plots remaining unsold.
The authority plans to launch a new scheme soon to sell the remaining plots. They are hopeful that fresh interest will be generated in these unsold plots.
Impact on Noida’s Development
The successful sale of these four plots highlights Noida’s appeal as a growing commercial and real estate hub. With more companies investing in the city’s infrastructure, the commercial sector is expected to flourish. The revenue generated from this sale will also be a significant boost for the Noida Authority, helping fund future development projects.
In conclusion, the sale of these commercial plots reflects Noida’s ongoing transformation into a key player in the business world. While challenges remain, the city’s future looks bright as it continues to attract both domestic and international investment. Keep an eye on Noida as it progresses toward becoming an even bigger commercial hotspot in the years to come!
