(Greater Noida, 9 September 2024) The Greater Noida Industrial Development Authority (GNIDA) has successfully auctioned three residential plots with a total sale value of Rs 521 crore, more than double the reserve price of Rs 262 crore. This result reflects growing confidence and interest in Greater Noida’s real estate sector.
According to The Economic Times, Eldeco Infrastructure and Properties Ltd emerged as the highest bidder for the largest plot of 30,470 sq m for Rs 286 crore, well above the reserve price of Rs 187 crore. Prasu Infrabuild and Divyansh Infraheight jointly acquired the second plot, measuring 16,276 sq m, for Rs 154 crore against a reserve price of Rs 91 crore. Meanwhile, Purvanchal Projects won the third plot, measuring 3,999 sq m, for Rs 79.65 crore, significantly exceeding the reserve price of Rs 23.97 crore.
This auction follows recent land purchases by Godrej Properties and Sobha through a GNIDA e-auction, signaling increasing developer interest in the Greater Noida region. In an earlier auction, GNIDA sold five land parcels with a combined reserve price of Rs 738 crore, ultimately generating Rs 1,500 crore in total sales.
Eldeco has been actively expanding its land portfolio, recently acquiring a 20,000 sq m plot near the upcoming Jewar airport in Noida for Rs 96.86 crore. The developer has also secured land in strategic locations such as Gurgaon’s Sector 80 and Greater Noida West.
