Greater Noida authority launches group housing scheme of 8 plots

The land rates range from 36,500 per sqm to 48,300 per sqm, with the total reserved price for these plots exceeding 970 crore

After a gap of over 13 years, the Greater Noida authority has announced a group housing plot scheme comprising a total of 8 plots in different sectors, ranging in size from 3.5 acres to 10 acres, senior officials of the authority said on Friday.

Sources also said that this might be the last such scheme by the Greater Noida authority as it is now left with no more land for housing projects.

The authority had done large scale allotment of land for group housing projects in 2009-10. Since 2010 Greater Noida hardly came up with a group housing scheme because it did not have much housing land left to be allotted. Besides, land that was allotted a decade ago is yet to be developed completely.

In 2009, the authority had allotted around 3,000 hectares of housing land for dozens of realty sectors. Most of the realtors are still developing their projects and offering possession to buyers, said officials.

“We will allot these plots in an e-auction. Whosoever will place the highest bid against a plot will get the plot. The date for the e-auction will be decided later,” said a senior official of the Greater Noida authority, asking not to be named.

These plots are situated in sectors Mu, Omicron, Eta, Sigma, 36, and 12.

“The developers will have to pay the entire land cost within 90 days and they will have to complete the project according to the approved layout plan and obtain an occupancy certificate from the authority within seven years from the date of the lease deed execution,” said the official quoted above.

The smallest plot, of 3.5 acres, is offered in Sector 36, while a 4.5 acre plot is located in Sector Mu, a 7.5 acre plot in Omicron 1A, and a 7 acre plot in Sector Eta 2, the officials said. Two plots of 7.5 acres and 9.5 acres are located in Sigma 3, and two plots of 5.5 acres and 8 acres are available in Sector 12, they said.

“The deadline for applying for the scheme is February 27, 2024. Applicants have until March 1 to submit documents. The lands offered are free from all legal disputes and will be ready for possession within 30 days,” said the official.

The land rates range from 36,500 per square metre (sqm) to 48,300 per sqm, with the total reserved price for these plots exceeding 970 crore. The plot allotment will be on a leasehold basis for 90 years from the date of the lease deed execution.

The authority will not allow amalgamation or subdivision of allotted plots. The allottee is solely responsible for the development and construction of all proposed activities as approved by the authority. Consortiums are allowed but must remain unchanged until the completion of the full project, the officials said.

“The lead member as well as other members will equally be responsible for project completion. They will be required to form a special purpose company (SPC) that will subsequently carry out all responsibilities as the allottee,” he said.

The shareholding and lead member of the SPC will be the same as the memorandum of association (MOA) signed between all consortium members. The lease deed shall be made in favour of the SPC.