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In a bid to stimulate hotel development in Greater Noida, the Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a new plot allotment scheme in Sector 28. The scheme offers three categories of hotel plots and will utilize e-auctions for the allocation process.
The strategic location of these plots, close to Jewar Airport, makes them an attractive proposition for both budget and premium hotel developers. Interested parties have until November 20 to submit their applications. Successful bidders will receive 90-year leases from the Uttar Pradesh Government. They must complete the initial phase within three years and the entire project within five years.
The reserve premium prices for the 3400, 5000, and 10,000 square meter plots range from Rs 20.10 to 62.06 crore, with the Earnest Money Deposit (EMD) set between Rs 2 to 6.3 crore. Detailed information about the plots available for e-auction is accessible on YEIDA's official website, with a brochure downloadable for a fee of Rs 50,000, plus an 18% GST charge. Applicants awarded plots through this scheme must pay 40% of the reserve premium price upfront to secure possession, with the remaining 60% repayable in ten installments over five years.
Additionally, there are financial eligibility criteria based on plot size. For a 3400-square-meter plot, the applicant should have a minimum net worth of Rs 15 crore, with minimum total turnover requirements. For 5000-square-meter plots, the minimum net worth is Rs 20 crore, and for 10,000-square-meter plots, it's Rs 50 crore.
Participation in the e-auction process requires registration on the YEIDA Auction Tiger online gateway, priced at Rs 1,000. Experience in hotel construction is mandatory, and applicants must demonstrate their history of constructing and operating hotels.
The e-auction process streamlines hotel plot allocation, granting recipients the flexibility to construct multi-story buildings with no specific height restrictions. However, hotels exceeding 24 meters in height will need clearance from the Airports Authority of India (AAI). The hotel's master plan will align with YEIDA's conditions, requiring 40% ground clearance and parking space for every two guest rooms. The Floor Area Ratio (FAR) is set at 3.00 for the entire project.
Various charges have been established for preferential positioning, including a 5% charge for corner plots, 5% for green belts, and 15% for roadside and corner locations. This initiative promises to revolutionize hotel development in Greater Noida and provide a range of amenities for the recipients.
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