Jewar Effect: Greater Noida land parcels sell for triple of reserve price

Greater Noida: The land parcels in Uttar Pradesh’s Greater Noida were auctioned for triple their reserve price in a three-day e-auction conducted by the Greater Noida Authority on March 28.

The reason behind the plots being sold at such expensive rates is due to the city’s connectivity with the under-construction Jewar Airport or the Noida International Airport.

The auction of 166 plots, which took place through SBI portal, ended on March 30.

The reserve price of these plots was set at Rs 153 crore which exceeded to Rs 415 crore in the auction. Thirty-nine plots were auctioned on the last day of the e-auction, whose reserve price was set to around Rs 53.64 crore. They were sold at Rs 132 crore in the auction.

On the instructions of Greater Noida Authority’s CEO Ritu Maheshwari, the estate department launched the scheme of 166 residential plots, ranging from 162 sq metres to 738 sq metres on January 30. These plots are located in Sector 2, Sector Chi 3, Phi 3, Delta 2, Delta 3, Sigma 1 and Sigma 2.

One such plot of 220 sq. metres located in Sector 2 was sold at a rate of about 162 per cent more than the reserve price, which was Rs 87.12 lakh. The plot, however, was sold at Rs 1.41 crore.

Maheshwari stated that the reserve price of all these plots was Rs 53.64 crore. She said that the possession of these lands will be handed over as soon as the allotment process is completed.

She added that the way home-seekers have participated in the e-auction, it is an achievement for the “greenest city”, Greater Noida.

Additional CEO, Anand Vardhan said that Greater Noida has been settled with a lot of planning, hence the area has wide roads, greenery and cleanliness. The people there also have access to different kinds of markets, which is why it has become a premier choice for the people in Gautam Buddha Nagar district.

Maheshwari stated that the planning was done keeping the residents in mind. To prevent the people from facing problems in reaching their destinations, the Noida-Greater Noida Expressway was constructed.

She said that service lanes have also been constructed on both the sides of the Expressway to avoid traffic jams.

Adding that, an expressway has also been constructed from Greater Noida to Agra-Mathura, which has been connected to the one from Agra-Lucknow.

The CEO stated that one could also use the Eastern Peripheral Expressway to travel to Haryana from Greater Noida.

She added that the expressway will directly connect Greater Noida with Faridabad and Gurugram in the coming days, work on which is underway.

Maheshwari said that the Metros can be used to travel between Delhi and Greater Noida and work to construct a direct line of pod taxis and Metro to Delhi Airport is underway.

Town Planner Abhinav Singh Chauhan while speaking to IANS, said that the biggest reason behind these plots being sold at three times the bid is the Jewar Airport being built near Greater Noida and its excellent connectivity.

Chauhan added that people envision building their homes and future in Greater Noida due to its easy connectivity with other areas.

He stated that the plots have been sold at a very expensive rate because Greater Noida’s planning was done keeping cleanliness, connectivity and the problem of traffic jams, among others in mind.
IANS