The Greater Noida authority has sold five group housing plots to realtors, including Godrej, Dubai based Sobha Limited and others, collecting a revenue of ₹ 1,500 crore, which is double the reserve price of these plots, said authority officials. The authority said developers are purchasing group housing land at double the rate in online bidding owing to the demand for housing in the industrial town. Dubai based Shobha Limited has bought a group housing plot for the first time to develop an ”ultra luxury” housing project.
“There is a demand for quality housing products in this city and these new developers entering the market will cater to the growing demand. We are happy to collect double the reserve price as revenue from the sale of these five plots. We expected to collect ₹ 700 crore for the five plots on the basis of the reserve price.
But applicants went on to place 128% higher bids against the reserve price. It proves that the demand for quality projects is growing due to the world-class infrastructure that the city offers,” said Ravi Kumar NG, chief executive officer, Greater Noida authority. The reserve price for these plots was in the range of ₹ 48,438 per square metre to ₹ 59,943 per square metre, said officials.
The Greater Noida authority on Wednesday (August 7) conducted the e-bidding process for the allotment of the five group housing plots in different sectors. A total of 38 developers participated in the e-bidding process. Godrej got two plots -.