RERA in Real Estate: What Buyers and Builders Need to Know
2024-12-23 01:51:26
YEIDA has generated Rs 1,034 crore through the allocation of group housing plots, which will be transferred to developers within the next three months following completion of required payments and approvals, an Authority official reported.
The Yamuna Expressway Industrial Development Authority (YEIDA) recently sold nine group housing plots for over Rs 1,000 crore via e-auction, intended for luxury residential projects. The demand for housing in this area has surged with the development of the Jewar International Airport, expected to be operational by early next year.
Developers such as Eldeco, Purvanchal Projects, Arihant Buildwell, and Gaursons have secured plots in YEIDA Sectors 18 and 22D along the Yamuna Expressway.
“With Noida Airport nearing completion, demand for housing has risen significantly along the Yamuna Expressway,” a YEIDA official noted. To leverage this demand, YEIDA introduced a group housing scheme in August for 19 plots, successfully auctioning nine near the future greenfield airport.
This marks YEIDA’s largest group housing plot allocation since 2014. After relaunching the scheme in August 2024 following an underwhelming response in September 2023, the auction received renewed interest from developers.
The reserve prices for these plots ranged between Rs 32,375 and Rs 35,612 per square meter, based on size and location.
In last week’s e-auction, YEIDA allotted a 45,731.1 sq m plot to Eldeco Sohna for Rs 172.5 crore, a 47,754.6 sq m plot to Gaursons for Rs 167.2 crore, and a 47,754.8 sq m parcel to Arihant Buildcon for Rs 186.6 crore. Additional allocations included Purvanchal Projects (48,564 sq m for Rs 185 crore), Exotica Housing (20,235 sq m for Rs 66.17 crore), SG Estates (20,235 sq m for Rs 66.17 crore), Vrinda Housing (20,235 sq m for Rs 67.49 crore), and Agarwal Food Grains (20,235 sq m for Rs 66.8 crore), all in Sector 22D along the Yamuna Expressway.
A plot measuring 16,188 sq m in Sector 18 was also sold to Splendor Landbase for Rs 55.5 crore.
2024-12-23 01:51:26
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