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The Yamuna Expressway Industrial Development Authority (YEIDA) recently introduced a residential plot scheme offering plots for independent houses in proximity to the upcoming Noida International Airport. The online portal for this scheme had witnessed an astounding response, with 1.73 lakh users registering their interest for a mere 1,184 plots available. Additionally, 1.23 lakh individuals purchased application forms online, while 1.1 lakh applications were submitted. Impressively, 78,290 applicants even went on to pay the 10% earnest money deposit. The application deadline is set to conclude this week.
These residential plots come in seven different sizes, ranging from 120 to 2,000 square meters, and are situated in Sectors 16, 17, and 20. The majority of these plots, 466 in number, are 200 square meters each, closely followed by 260 plots of 162 square meters each. However, there are only 19 plots available in the largest size category of 2,000 square meters.
This enticing scheme was officially launched on August 8, and YEIDA has declared that the allotment of these plots, priced at Rs 24,600 per square meter, will be determined through a draw of lots scheduled for October 18. Those who have already paid the earnest money deposit will be given preference in this allocation process.
This sudden surge of interest in plot schemes around the Yamuna Expressway is directly correlated with the rapid progress of the Noida International Airport's construction over the past year. In October, YEIDA witnessed over 64,000 applications for just 477 residential plots across five sectors.
Interestingly, the mood toward investing in housing plots had been relatively indifferent until recently. In 2018, when YEIDA offered 418 plots, it received a mere 19,716 applications. In 2020, only 3,614 applications were received for 971 plots. The distance from Noida and the lack of development in the area were commonly seen as dampening factors. However, with the airport emerging as the centrepiece of this evolving ecosystem, such concerns have now been largely mitigated.
YEIDA officials highlight that it's not just the airport but also the associated infrastructure projects that have sparked renewed interest in residential sectors along the expressway. These projects include the Apparel, Toy, and Medical Device parks, as well as the proposed Film City.
In summary, the recent scheme by YEIDA offering residential plots near the Noida International Airport has garnered an overwhelmingly positive response, with a multitude of applicants eager to secure their piece of this real estate opportunity. This heightened interest is attributed to the significant developments in the region, particularly the progress of the airport and related infrastructure projects, which have rejuvenated the housing plot market in the area.
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