The Yamuna Expressway Industrial Development Authority (YEIDA) has successfully auctioned land for two group housing societies near the forthcoming Noida International Airport, generating close to Rs 250 crore in revenue. The e-auction, held on 12th July, saw two real estate firms emerging as the highest bidders, securing possession of their respective plots.
In an e-auction, plots are sold to the highest bidder exceeding the reserve price. According to the YEIDA CEO, the Authority had floated a scheme in June offering two plots for group housing to developers interested in establishing housing projects along the Yamuna Expressway, adjacent to the Noida International Airport project. Each plot saw two realtors participate in the e-bidding process. The highest bids, as per the rules, secured the plots for the respective developers.
The auctioned plots, located in Sector 22-D, include a 40,000 sqm plot and a 20,000 sqm plot. Purvanchal Projects Private Limited secured the 40,000 sqm plot with a bid of Rs 149.57 crore, while Eldeco Infrastructure & Properties Limited obtained the 20,000 sqm plot with a bid of Rs 96.86 crore. This strategic allocation aims to bolster the development of residential infrastructure in anticipation of the airport’s operational commencement.
YEIDA’s proactive approach extends beyond these two plots. The Authority plans to offer nine additional group housing plots, each measuring 25 acres, in Sector 22-D under a new scheme. These plots will also be allotted through e-bidding, scheduled for next month. Over the past decade, YEIDA has allotted housing plots to 13 developers, fostering the growth of townships along the Yamuna Expressway. The CEO highlighted the burgeoning demand for apartments driven by the airport’s anticipated operational date by the end of 2024. The establishment of numerous manufacturing units near the airport is expected to catalyse urbanisation and market growth.
“We perceive a significant market need for apartments, given the impending operational status of the airport. Numerous companies have initiated their setups and production processes. Within a year, we expect at least 300 manufacturing units to become operational near the airport, which will significantly drive market growth and urban development,” the CEO elaborated. The YEIDA’s strategy underscores the symbiotic relationship between infrastructure development and real estate growth, positioning Greater Noida as a pivotal hub of urban expansion and industrial activity. This initiative not only addresses the residential demands but also anticipates the future growth trajectory of the region.
This move aligns with YEIDA’s broader vision of creating a sustainable and well-planned urban landscape that supports both residential and commercial growth. The proactive steps taken by YEIDA in allotting and auctioning plots through transparent processes reflect a robust approach to urban development, setting a precedent for future infrastructure projects.
