Yeida sells nine group hosing plots to earn revenue of around ₹1,034 crore

The Yamuna Expressway Industrial Development Authority (Yeida) said on Monday that it has sold off nine land parcels to realtors for the development of luxury housing projects near Noida greenfield international airport and collected a revenue of around ₹1,034 crore from the sale of these plots.

Yeida organised an e-auction on Friday to allot these plots to those realtors who placed the highest bid against the reserve price fixed for the group housing project. The authority launched the group housing plot scheme two months ago with an aim to offer housing land to builders to cater to the demands for apartments in the region, that falls along the 165km Yamuna Expressway from Greater Noida to Agra.

With developers paying more than the reserve price, they are likely to launch luxury projects to earn back their investment, and those buyers who are in need of affordable housing will be disappointed, said realty experts. However, Yeida’s chief executive officer Arun Vir Singh said they will make it mandatory for realtors to build some flats in the affordable category.

“These realtors will build quality projects and offer premium housing projects. But we have decided to make it mandatory for each realtor to build at least 15% affordable category apartments to cater to the demands of the middle-class,” said Singh.

The authority has allotted one housing land parcel measuring 16,188 square metres to Splendor Landbase for ₹55.5 crore in Sector 18. The remaining eight plots are located in Sector 22D, which is on way to become a hub of the premium group housing projects, said officials.

“Sector 22D will be the hub of group housing similar to Noida’s Sector 150 or Ghazibad’s Indirapuram in the time to come. We will allot more plots for the group housing in Sector 22D, where we have adequate land,” said Singh.

The authority has allotted a 45,731.1 square metre plot to Eldeco Sohna for ₹172.5 crore, a 47,754.8 square metre plot to Arihant Buildcon for ₹186.6 crore, a 47,754.6 square metre plot to Gaursons for ₹167.2 crore, a 48,564 square metre plot to Purvanchal for ₹185.0 crore, a 20,235 square metre to Agarwal Food Grains for ₹66.8 crore, a 20,235 square metre to Exotica Housing for ₹66.17 crore, a 20,235 square metre to SG Estates for ₹66.17 crore, and a 20,235 square metre plot to Vrinda Housing for ₹67.49 crore. All these plots are located in Sector 22D.

Owing to e-bidding, the authority managed to earn a 30% profit out of the sale, said officials as realtors placed bids against the total reserve price of ₹970 crore, said officials.

The reserve price was in the range of ₹32,700-39,082 per square metre, said officials.

“Due to rapid urbanisation, there is a growing demand for quality housing projects in the country and also in the Noida region, particularly near the Noida international airport, along Yamuna Expressway. Since Yamuna Expressway authority has got adequate land with world-class infrastructure, realtors are going there to buy land to develop premium housing facilities to cater to the demand,” said Dinesh Gupta, secretary, Confederation of Real Estate Developers Association of India (CREDAI), a realtors’ lobbying group.