October 12, 2023: Plots in Noida and Greater Noida could now be allotted through a draw of lots and interviews instead of an e-auction process. In an urgent meeting held on October 7, 2023, the Noida and Greater Noida authorities discussed the policies for the allotment of industrial plots, according to a TOI report. The CEOs of the two authorities, the industrial development commissioner in Lucknow and other senior officials attended the hour-long session.
The move comes days after the two authorities decided in their board meetings to scrap the plots e-auction process to ensure more transparency. According to the media report, there were discussions about the parameters for the allotment of plots.
- In Noida, plots in Phases 2 and 3 areas will be allotted through a draw, while plots in Phase 1 will be allotted through e-auction. The report cited officials stating that e-auction was decided for phase 1 because the number of plots were less.
- Applicants will be required to make an upfront payment for registration, which will be 10% of the total premium. Those registering for large plots with an area of 4,000 square metre (sqm) can apply only once. The plots on offer are in the range of 250 to 4,000 sqm.
- Applicants can pay the entire amount in a lump sum within 90 days of receiving the allotment letter. They can avail of a 2% rebate on the premium amount.
- Others can pay 50% of the total premium within 60 days and the remaining, with interest, in six half-yearly instalments over three years.
- The premium for each plot will be calculated in keeping with the prescribed allotment rate of that sector. If the amount is not paid in time, the allotment could be cancelled. The registration fee or 10% of the amount would be confiscated.
- Applicants of plots larger than 4,000 sqm are required to participate in an interview. A list of 12 objectives, including financial capacity, proposed investment and technical experience, would be examined. The cut-off has been set at 65% of the criteria.
According to Noida Authority CEO Lokesh M, a policy will be introduced to formalise the decisions taken during the meeting.
Three Industrial Phases in Noida
- Phase 1: Sectors 1 to 11, 16A (Film City) and 16
- Phase 2: Sectors 80, 81, 83, 84, 85, 87, 88, 90, 138, 140 and 140A
- Phase 3: Sectors 57, 58, 59, 60, 63, 64, 65, 67 and 68
| Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at Jhumur Ghosh |
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.
Related Posts
Funding for Noida-Greater Noida Metro Rail approved.
Rs 18,669 crores for development of Greater Noida, Noida and Yamuna Expressway.
Hand over flats or face action: UP government to Noida builders.
Noida Authority announces Rs 5,827-crore budget for 2019-20.
Launch schemes after complete land acquisition: UP to development bodies.
Greater Noida to cancel allotment if projects remain incomplete.
