Surge in Property Prices in Greater Noida: The Story Behind the Auction
Recent developments in Greater Noida have caused property prices to skyrocket, particularly due to the auction of prime plots by the Yamuna Expressway Industrial Development Authority (YEIDA). A plot valued at Rs 2.50 crore has astonishingly fetched a price of Rs 28 crore, exemplifying the increasing allure of this region, especially near the upcoming Jewar Airport.
The Auction Details
The auction took place between July 11, 2024, and September 17, 2024, and witnessed fierce bidding from prominent companies. YEIDA put 45 plots on the block, with a reserve price set at Rs 2.5 crore each. Out of these, three substantial plots of 1,000 square meters each commanded bids reaching upwards of Rs 25 crore, showcasing the immense interest in this area. Here are the significant transactions:
| Company Name | Plot Price (Rs) |
|---|---|
| Sanash Impex Private Limited | 25.84 crore |
| Global Private Limited | 26.64 crore |
| Challenger Computer Limited | 28.28 crore |
Financial Impact of the Auction
YEIDA’s financial gain from this auction was monumental. The total reserve for all 45 plots was Rs 112.50 crore; however, the auction generated an impressive Rs 265.14 crore. This translates to a staggering 134% increase over the reserve price, resulting in an additional profit of Rs 152 crore for YEIDA. Such profits not only reflect the demand for the area but also set a new benchmark for future auctions.
Reasons Behind the High Demand
Situated in Sector-22 E, close to Jewar Airport, these plots are attracting significant interest due to several key factors. The area is witnessing the establishment of various commercial hubs, with campuses from well-known organizations such as Naseemunji, Patanjali, Vivo, JBM University, and numerous IT firms already operational. The proximity to the airport is a crucial determinant, as it offers enhanced connectivity and potential for business expansion.
Future Developments
YEIDA’s CEO, Arun Veer Singh, shared that the proceeds from the auction will be reinvested into future projects, aiming to accelerate development in the region. This investment of approximately Rs 500 crore is expected to create job opportunities for about 5,000 people, fostering local economic growth. The inflow of capital will pave the way for increased investment opportunities in the area, marking a new era of development for Greater Noida.
Conclusion
As Greater Noida continues to evolve, the recent auction reflects the area’s burgeoning value and potential. With ongoing developments and strategic investments, this region promises to become a hub for business and employment, attracting both investors and professionals alike.
