(Commonwealth) _ The Yamuna Expressway Industrial Development Authority (YEIDA) is set to introduce a major plotted development project near the Noida airport. This project will encompass 19 plots, with sizes ranging from 16,188 square meters (2.8 acres) to 48,564 square meters (12 acres). The authority has strategically positioned these plots within the residential areas of Sectors 17, 18, and 22D to cater to the increasing demand for housing near the upcoming airport, thereby also promoting commercial real estate in the vicinity.
An e-auction will be held for the allotment of these plots, with reserve prices set between Rs. 32,375 and Rs. 53,612 per square meter. YEIDA’s new group housing scheme is expected to offer approximately 25,000 flats across various segments, ranging from affordable to luxury housing. Sector 22D will feature eight residential plots of varying sizes: four plots of 20,235 square meters each, two plots of 47,754 square meters each, one plot of 45,731 square meters, and another plot of 48,564 square meters. The reserve prices for these plots will range from Rs. 65.71 crore to Rs. 173 crore.
In Sector 18, six plots will be auctioned, each covering 16,188 square meters. Five of these plots have a reserve price of Rs. 55 crore, while one has a reserve price of Rs. 58 crore. Similarly, in Sector 17, five plots are up for auction: two plots of 11,513 square meters each, one plot of 12,141 square meters, one plot of 20,235 square meters, and the largest plot at 24,282 square meters. The reserve prices for these plots range from Rs. 37 crore to Rs. 78 crore.
Overall, the 19 plots cover a total area of nearly 430,000 square meters, with an average reserve price for the entire plotted development set at approximately Rs. 1,407 crore. Arun Vir Singh, CEO of YEIDA, highlighted the anticipated surge in housing demand driven by industrial development in the coming years. He emphasized the need for housing facilities for people working in factories and other major projects in the area. Singh also mentioned plans to introduce at least 30 more group housing plots in the future.
The initiative has been positively received by developers, who recognize the high demand for residential properties in the area. Manoj Gaur, President of CREDAI NCR, noted the significant gap between demand and supply due to the scarcity of land in Noida and Greater Noida. He expressed optimism that these new plots would help bridge this gap. Gaur also pointed out that while there has been a strong investor interest in plots and flats along the Yamuna Expressway, there is now a genuine demand for residential properties.
Gaur further commented that the development is unlikely to significantly impact apartment prices, as the demand for affordable 2BHK homes remains low. However, he suggested that the availability of these new plots might lead to a slight decrease in prices.
In a related development, the Greater Noida Authority (GNIDA) had earlier allotted five commercial plots near the Yamuna Expressway in April. These plots are intended for the development of hotels, malls, and showrooms, with the total cost of plot allotments amounting to Rs. 253 crore. The introduction of plotted development and the auction of group housing plots by YEIDA is seen as a strategic move to accommodate the rising housing needs spurred by industrial growth. This initiative is expected to attract significant investment and contribute to the overall development of the region, aligning with the broader goals of urban expansion and economic progress.
