Greater Noida authority auctions three land parcels for Rs 305 crore for residential development, Real Estate News, ET RealEstate

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By Amit

Greater Noida authority has auctioned three land parcels to real estate developers for Rs 305 crore against the reserve price of Rs 200 crore.

The authority had invited bid for 11 land parcels in December and received interest from 9 developers for three land parcels.

Golf Green Mansions pvt ltd has acquired a 22,000 square metre land parcel for Rs 127.05 crore against the reserve price of Rs 77 crore.

A joint venture of Irish Infrastructure (81%) and Anshu Hospital (19%) has acquired a 20,240 square metre land parcel for Rs 125.38 crore against the reserve price of Rs 70.84 crore.

The third land parcel, spread in 14,998 square metre, has been acquired by a consortium of Savana Builders Company Ltd (70%) and Eldeco Infrastructure & Property Ltd for Rs 53.01 crore against the reserve price of Rs 52.49 crore.

“This is for the first time, we have conducted e-auction for land for builder. Despite this, we have managed to sell the land at premium. Greater Noida has become the preferred choice for real estate development be it data centre, commercial or residential development,” said Ritu Maheshwari, CEO of Greater Noida Authority.

The developers needs to deposit the money within 90 days.

Recently, Godrej Properties Ltd. had acquired two land parcels for a residential project in Noida from the local authority through an auction for Rs 377 crore.

The authority had received five bids for two plots, and Godrej has emerged as the highest bidder for both.

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