Noida set to pocket ₹1,500 crore from sale of four commercial plots

The Noida authority has allotted a 41,835.46 sq m plot in Sector 105 to Max Estate Limited. It has allotted 23,570.92 sq m to M3M India Pvt Ltd in Sector 97

The Noida authority on Wednesday said it has sold four commercial plots to different companies, netting a revenue of ₹1,500 crore. The four plots include a small-sized plot in Sector 50, while the three bigger plots are located in other areas that are already developed, authority officials said.

Noida authority office in Sector 96. The authority will try to sell the remaining plots in a new scheme that may be launched soon, said officials. (Sunil Ghosh/HT Photo)

The authority launched the plot scheme with eight large plots -- 20,000 square metres or more in size -- on September 9, 2024, and December 5, 2024. It also launched a smaller sized plots scheme -- each plot has an area of less than 20,000 square metres -- between November 30, 2024 and January 1, 2025.

“The authority selected the companies that placed the highest bid against the reserve price during the e-bidding process. The authority is likely to issue the allotment letter shortly, after completing all formalities,” said Lokesh M, chief executive officer, Noida authority.

The e-bidding process was held on January 21 and 22 , said officials.

The authority allots the commercial plots through a competitive bidding process to the applicant that places the highest bid against other applicants in the bidding system.

The Noida authority has allotted 41,835.46 square metres of plots in Sector 105 to realty firm Max Estate Limited. And it has allotted 24,000 square metres in Sector 98 to Manglam Multiplex Private Limited, 23,570.92 square metres to M3M India Private Limited in Sector 97; and 812.73 square metre plot to Vertex Construction, said officials.

Officials said very few companies showed an interest in the plots, which remained unsold in the earlier schemes.

“The rule is that at least more than two firms should participate in the e-bidding system so that the authority earns a profit. And except for these four plots, not enough companies have participated in the bidding process for the other plots. The authority will try to sell the remaining plots in a new scheme that may be launched soon,” said an authority official, asking not to be named.