The Greater Noida Industrial Development Authority (GNIDA) has successfully auctioned three residential plots, garnering a substantial Rs 521 crore, significantly surpassing the combined reserve price of Rs 262 crore. This recent auction underscores the robust demand for real estate in the region and highlights the growing investment interest in Greater Noida.
The largest plot, spanning 30,470 square metres, was acquired by Eldeco Infrastructure and Properties Ltd for Rs 286 crore, well above the reserve price of Rs 187 crore. This acquisition marks a strategic expansion for Eldeco, which has been actively investing in prominent locations. Prasu Infrabuild and Divyansh Infraheight jointly secured the second plot of 16,276 square metres for Rs 154 crore, surpassing the reserve price of Rs 91 crore. The smallest plot, measuring 3,999 square metres, was won by Purvanchal Projects for Rs 79.65 crore, exceeding its reserve price of Rs 23.97 crore.
This auction follows a recent series of successful land transactions by GNIDA, which included a noteworthy e-auction where Mumbai-based Godrej Properties and Bengaluru-based Sobha secured three land parcels. The authority’s previous auction of five parcels, valued at Rs 738 crore, achieved a total sale of Rs 1,500 crore, reflecting a robust market appetite. In recent land acquisitions, Eldeco has also purchased a 20,000 square metre parcel near the upcoming Jewar airport in Noida for Rs 96.86 crore through the Yamuna Expressway Industrial Development Authority (YEIDA). Additionally, Purvanchal Projects acquired a 40,000 square metre plot for Rs 149.47 crore in the same auction. Eldeco’s recent investments extend to Gurgaon, where it acquired 2.7 acres for Rs 110 crore and 8.5 acres for Rs 165 crore in Sector 80.
Further enhancing its investment profile, Eldeco has secured Rs 350 crore in funding from HDFC Capital Advisors Limited for its joint platform focused on residential projects. This marks the third funding round, increasing the platform’s corpus to Rs 850 crore, with plans to generate Rs 8,000 crore from 17 projects. Eldeco Group, with a portfolio of 200 delivered projects and 30 million square feet of real estate development, continues to expand its footprint, currently working on 30 projects with an additional 35 million square feet under development. The group’s aggressive expansion strategy includes planned projects in Delhi, Gurgaon, Ludhiana, Sonipat, and Goa.
