Noida will receive ₹1,500 crore from the sale of four business plots

By Bricksnwall | 2025-01-23

Max Estate Limited has been granted a 41,835.46 square meter site in Sector 105 by the Noida authorities. In Sector 97, it has given M3M India Pvt Ltd 23,570.92 sq m.

The Noida government said on Wednesday that it had made ₹1,500 crore from the sale of four commercial plots to various businesses. According to authority authorities, the four plots—three of which are larger and situated in other, already-developed areas—include a small piece in Sector 50.

Between September 9, 2024, and December 5, 2024, the authorities introduced the plot scheme with eight sizable plots, each measuring 20,000 square meters or more. Additionally, it introduced a program for smaller plots, with each plot measuring less than 20,000 square meters, between November 30, 2024, and January 1, 2025.

The e-bidding process took place on January 21 and 22, according to officials, and the authority will probably issue the allotment letter soon after finishing all formalities. The companies that placed the highest bid against the reserve price during the e-bidding process were chosen by the authority. The commercial plots are awarded through a competitive bidding process to the applicant that places the highest bid against other applicants in the bidding system.

The real estate company Max Estate Limited has been granted 41,835.46 square meters of properties in Sector 105 by the Noida authorities. According to officials, it has also given Manglam Multiplex Private Limited 24,000 square meters in Sector 98, M3M India Private Limited 23,570.92 square meters in Sector 97, and Vertex Construction an 812.73 square meter plot.

Few businesses expressed interest in the sites, which were unsold in the previous plans, according to officials.

The guideline states that in order for the authority to make money, at least two businesses must use the e-bidding method. Additionally, not enough businesses have entered the bidding process for the remaining plots, with the exception of these four. According to an authority official who asked not to be identified, the authority will attempt to sell the remaining plots in a new plan that might be introduced soon.

Source: Hindustan Times