March 1, 2024: The Greater Noida Authority has launched a new plots scheme for the construction of high-rise commercial complexes in various sectors, according to media reports. Under the scheme, the authority is offering 18 plots for the development of shopping malls, showrooms, retail outlets, restaurants and other facilities. The scheme will provide investment opportunities for realtors interested in buying commercial land to develop shopping malls and commercial buildings for leasing, among others.
Greater Noida plots scheme location and price details
The plots are located across various sectors, with six plots in Sector 12, five plots in Delta 2, four in Sector 10 and one plot each in Alpha Two, Ecotech 12 and Tech Zone. The reserve price for these plots, ranging in size from 2,313 square metre (sqm) to 12,000 sqm, is Rs 1,134 crore.
The land allotment rate varies from Rs 67,000 to Rs 86,000 per sqm because the cost vary on the basis of the sectors in which these plots are located, an official said as cited in a Hindustan Times report.
Greater Noida plots Floor Area Ratio (FAR)
According to the media report, officials said this is the first time that the authority has launched commercial plots having a floor area ratio (FAR) of 4, unlike previous schemes when the maximum FAR allowed was 3.75. A higher FAR means that the developer can construct more floors and get additional space for commercial activities in their respective projects. They can develop 400% of the total ground coverage allotted by the authority. With this plots scheme, the authority has permitted high-rise commercial buildings in Greater Noida.
Last date for submitting processing fee and documents
The last date for submission of processing fee and documents is March 23, 2024. The plots will be allotted through e-auction and the highest bidder will be allotted the plot. The entire process from application to allotment will be completed online and the application will be made through the State Bank of India (SBI) portal that is linked to the website of the Greater Noida authority, officials said as per the media report.
The applicant can choose to make full payment within 90 days from the date of issue of the allotment letter, and in such a case, a 2% rebate will be given on the total premium. Allottees also have the option to pay 40% of the total premium within 60 days from the date of issue of the allotment letter. The balance amount to be paid in three years in six half-yearly instalments. The time limit for obtaining a completion certificate from the date of the execution of the lease deed is three years.
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Harini is a content management professional with over 12 years of experience. She has contributed articles for various domains, including real estate, finance, health and travel insurance and e-governance. She has in-depth experience in writing well-researched articles on property trends, infrastructure, taxation, real estate projects and related topics. A Bachelor of Science with Honours in Physics, Harini prefers reading motivational books and keeping abreast of the latest developments in the real estate sector.
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