Greater Noida authority to auction land parcels for mall, shopping complex

Greater Noida Industrial Development Authority (GNIDA) has invited private developers to buy 11 plots having floor area ratio (FAR) of four to construct malls and shopping complex.

The authority expects over Rs 500 crore from the auction of these plots as upto four floors can be constructed on these malls.

“The plot size ranges from 2,500 square metre to 12,000 square metre and reserve price is Rs 60,000 per square metre to Rs 66,000 per square metre depending on the area,” said a authority spokesperson.

The interested developer can download the application forms till November 8 and last date to submit the bid is November 12. The draw will happen on November 23.

“The developers will be offered possession of the plot within a month of allotment. The developers can start the construction and time,” CEO of the authority Narendra Bhushan said.

In September, the authority had come up with a scheme to auction nine commercial plots expecting to attract revenue of Rs 139 crore.

The plot size ranges from 1200 sq metre to 7455 sq metre and the reserve price for it ranges from Rs 44,250 sq metre to Rs 46,190 sq metre.

On Sunday, the authority came up with auction for land parcels for private developers to develop housing societies.

With 1.2 million sq ft of area to offer across four different plots, the authority expects a revenue of Rs 400 crore.

The plots are spread in three different sectors of Greater Noida. Builders can download the application form till November 8 and last date to submit it is November 12. The e-auction will take place on November 22.