The Yamuna Authority has launched a new scheme to build three housing societies near the upcoming Noida International Airport at Jewar. The scheme will allocate one lakh 50 thousand square meters of land, estimated to earn the Yamuna Authority at least Rs. 500 crore.
The application process for this scheme will begin on Friday and continue until April 10. The Yamuna Authority will auction the land to the builder with the highest bid.
The CEO of Yamuna Authority, Dr. Arunveer Singh, announced that three big plots of land would be auctioned in Sector 22-D of Yamuna City, with one plot being 60,000 square meters and the other two plots being 45,000 square meters each. Therefore, the total residential land auctioned is one lakh 50 thousand square meters.
The Yamuna Authority has fixed the reserve price for these plots at Rs. 30,750 per sqm. Builders will need to pay an additional 10 percent prime location charges for the 60,000 square meter plot, making its reserve price Rs. 33,825 per square meter. The reserve price suggested for the remaining two plots will remain the same at Rs. 30,750 per square meter. Builders will need to place bids higher than these rates.
The application process for builders and companies willing to bid begins on Friday and ends on April 10. The deadline for depositing the earnest money is April 12. A pre-bid meeting will be organised on March 21 with the qualified bidders.
The names of the qualified bidders will be announced on April 28 at 5 pm, and the e-auction of these plots will take place on May 4. During the e-auction process, the Yamuna Authority will allot land for setting up housing societies based on bids. The builder who places the highest bid will be awarded the land.
The CEO of Yamuna Authority, Dr. Arunveer Singh, estimates that the Authority will earn at least Rs. 480 crore from this auction of land. This scheme will provide residential facilities for common people within the limits of Yamuna City.
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