NOIDA: The Noida authority on Wednesday said it sold five commercial plots for ₹ 3,300 crore during an auction on Tuesday evening, with one particular plot with a reserve price of ₹ 836 crore, being sold for ₹ 1,839 crore.
The sector offers easy access to Noida Expressway and has the police commissioner’s office within the sector. M3M refused to comment on the matter following HT’s request for a response. Located in Sector 108, along the Noida-Greater Noida Expressway, the commercial mixed-land-use plot, measuring 49,932 square metres (sqms), was sold after the realty firm M3M India placed the highest bid during the e-bidding, they added. The prime location of Sector 108 is another factor behind the high bids. It is also close to IT/ITES hubs and is expected to have metro connectivity once the Botanical Garden – Sector 142 corridor is developed, said officials. Meanwhile, the Authority also auctioned four other commercial properties, each measuring over 20,000 sqms, said officials. In Sector 96, a 24,000 sqm plot with a reserve price of ₹ 410 crore was sold for ₹ 414.8 crore. In Sector 98, two plots measuring 24,000 sqm each, with a reserve price of ₹ 410 crore, were sold for ₹ 414 crore each, said officials. In Sector 132, a 22,403 sqm plot was sold for ₹ 271.93 crore. It had a reserve price of ₹ 269 crore, said officials.
Realty estate expert and ICCPL Group founder Dushyant Sinha, said, “The M3M land transaction is a strong indicator of the confidence that established developers are placing in Noida’s long-term growth story.
“The authority sold the plot for a price, which is 120% more than the reserve price of ₹ 836 crore. In the past, the authority sold commercial plots for only 10% more than the reserve price.
This is the highest bid for a commercial plot in Noida in the past two decades,” said Kranti Shekhar Singh, officer on special duty (OSD) of the Noida authority.
