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In a significant move, the Greater Noida Industrial Development Authority (GNIDA) has announced its intention to allocate land for the establishment of shopping malls, hotels, and commercial complexes within its jurisdiction. As part of this initiative, officials have revealed that 22 commercial plots of varying sizes are up for auction. Interested parties have until December 1, 2023, to register, with the deadline for fee submission set for December 5.
The commercial plots are strategically located in six different sectors of Greater Noida, namely sector 10 (four plots), sector 12 (six plots), Alpha-Il (five plots), Delta-Il (five plots), Techzone VII (one plot), and Ecotech 12 (one plot). These plots boast proximity to residential, commercial, and educational hubs, with convenient access to the eastern and western dedicated freight corridors, Yamuna Expressway, and the upcoming Noida International Airport in Jewar.
The 22 commercial plots are offered in eight sizes ranging from 2313.47 square meters to 12,000 square meters.
The reserve prices for these plots fall within the range of Rs 21.94 crore to Rs 109.1 crore. The earnest money deposit (EMD) is set at 10 percent of the plot cost, ranging between Rs 2.1 crore and Rs 10.9 crore, depending on the size. Additionally, applicants are required to pay non-refundable processing fees, ranging from Rs 2.01 lakh to Rs 6.30 lakh, excluding 18 percent GST.
The allocation of these plots will take place through e-auction on an "as-is-where-is" basis. The specific date for the e-auction will be announced separately. Successful allottees will receive 'FAR 4' for optimal utilization of their plots.
GNIDA has introduced two payment options for the commercial plot scheme. In option one, allottees can make a full and final payment of the total premium (including earnest money) within 90 days from the date of the allotment letter, earning a 2 percent rebate. In option two, successful allottees must pay 40 percent of the total amount (including registration fee or EMD amount) within 60 days of receiving the allotment letter. The remaining 60 percent is to be paid in six half-yearly EMIs over three years.
This ambitious scheme aims to boost commercial development in Greater Noida and provide lucrative opportunities for investors and businesses. Interested parties are encouraged to participate in the auction, seizing the chance to contribute to the region's economic growth.
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