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Noida Development Authority bags Rs 25 bn in NCR land deal


Noida Development Authority bags Rs 25 bn in NCR land deal

Last updated: February 16 2007
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  • Noida Development Authority bags Rs 25 bn in NCR land deal

    Noida Development Authority has bagged over Rs 25 billion from sale of about 300 acre residential land to five builders — Unitech, Omaxe, Parsvnath, Ambience and IVCRL, reports Economic Times.

    The sale took place on Wednesday and this is the biggest amount bagged by an authority in one go. Recently, HUDA and DDA closed deals worth about Rs 15 billion each for sale of plots for hospitality and commercial projects.

    Unitech was the biggest buyer and grabbed two plots of 71 and 54 acre respectively for Rs 10.50 billion. Parsvnath bought a 72 acre plot for Rs 6.02 billion, Omaxe a 37 acre plot for Rs 3.08 billion, Ambience got a 37.5 acre plot for Rs 3.23 billion and IVCRL won the bid for a 33 acre plot for Rs 2.74 billion.

    Of late, many prominent developers are showing their interests in real estate projects in Noida and recently, it had seen quite a few big-ticket transactions happening.

    Recently, Unitech bought about 340 acre land in Greater Noida for Rs 15.82 billion. Ansal API is developing a Hi-Tech city in the area over 2500 acre.

    Sanjay Chandra, MD, Unitech said, "The real estate sector in north India is active and the demand for real estate is expected to grow further over the next one year in both the commercial and residential sectors. The strategic location of Noida is one good reason for the fast development of the region. The IT and ITeS development in greter Noida is fuelling the residential development in the area and we see a big potential in this market."

    According to Pradeep Jain , chairman, Parsvnath, "Noida conceptualises the needs of a fast developing city of the future. The action plan, which the authorities are at par with global standards and is aimed at accelerating the growth of industrial, IT and institutional sectors in the country. The growth will also help the residential sector to grow further."
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