Hi,
Noida Authority has launched a new scheme for small commercial plots in Noida.
Plot sizes range from 15 to 350 sq meters
Sectors - 12, 16, 25, 39, 40, 50 51, 63, 110
Though no info is available wrt the psf rates in the advertisement. And the brochure are not available online.
Does anybody have any further details on this. Can some knowledgeble members comment if this is worth investing.
Thanks in advance
Ashish
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  • Noida Authority has launched new scheme (scheme closing 24th July, 2013) for pre-built up commercial shops in various sectors of Noida.

    Rates are anywhere between Rs 3lakh - 5lakh. Mind you these rates are not for land.

    I saw few shops on offer in Sector-18, Sector-110, Sector-53. I came out disappointed.

    In Sector 18 Market - There are 5 shops on offer in B- Block. These shops are on first floor above Baskin robbins/subway ice shop and opposite dominos.

    Sizes are anywhere between 140- 180 sq mtrs which includes corrider. Rates are appx Rs 5 lakh mtr. Not sure who can make business proposition out of these super expensive shops that too on first floor.

    Then, I went to Sector 110 shops. There are five, 18 sqmt shops on ground floor but they are situated in shramik Kunj that too in back alleys. Kutta bhi paisab karne nahin jaye. Rates for these shops are close to Rs 3 lakh sqmt. Not sure why NA wants to sell residential quarters built for labourers as commercial shops ?

    Later, I went to check Sector-53 shops in Kanchenjenga shopping complex. There are close to 20 shops (15 sqmt) on offer. But there are only 3 front shops which has business proposition, rest are in back, dark alley. But alas, When i interacted with shop keeper there, He told me that these 3 shops are occupied by a local goon. He is running halwai shops there. He participated in all the auctions held till date and bids outrageous amounts and never follows it up. Thus NA cancels the auction. They are happy selling applications and collecting Rs 10000 from successful bidders.

    Request members to share experience on commercial shops/plot auctions. Lets us know what good, bad and ugly.
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  • I also wanted to check this. Lekin ab nehee jaoongaa. You saved my time. Thanks. :)

    Originally Posted by Shaurya29
    Noida Authority has launched new scheme (scheme closing 24th July, 2013) for pre-built up commercial shops in various sectors of Noida.

    Rates are anywhere between Rs 3lakh - 5lakh. Mind you these rates are not for land.

    I saw few shops on offer in Sector-18, Sector-110, Sector-53. I came out disappointed.

    In Sector 18 Market - There are 5 shops on offer in B- Block. These shops are on first floor above Baskin robbins/subway ice shop and opposite dominos.

    Sizes are anywhere between 140- 180 sq mtrs which includes corrider. Rates are appx Rs 5 lakh mtr. Not sure who can make business proposition out of these super expensive shops that too on first floor.

    Then, I went to Sector 110 shops. There are five, 18 sqmt shops on ground floor but they are situated in shramik Kunj that too in back alleys. Kutta bhi paisab karne nahin jaye. Rates for these shops are close to Rs 3 lakh sqmt. Not sure why NA wants to sell residential quarters built for labourers as commercial shops ?

    Later, I went to check Sector-53 shops in Kanchenjenga shopping complex. There are close to 20 shops (15 sqmt) on offer. But there are only 3 front shops which has business proposition, rest are in back, dark alley. But alas, When i interacted with shop keeper there, He told me that these 3 shops are occupied by a local goon. He is running halwai shops there. He participated in all the auctions held till date and bids outrageous amounts and never follows it up. Thus NA cancels the auction. They are happy selling applications and collecting Rs 10000 from successful bidders.

    Request members to share experience on commercial shops/plot auctions. Lets us know what good, bad and ugly.
    CommentQuote
  • New scheme by Noida Authority for Small Commercial plots
    Ad in today TOI
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  • Pankal007,

    do you have any more details of this scheme ?
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  • those who went overboard with auctions earlier ...

    Noida authority cancelled 30 commercial properties, realtors likely to face ire
    Vinod Rajput, Hindustan Times Noida, October 15, 2013
    First Published: 20:07 IST(15/10/2013) | Last Updated: 20:14 IST(15/10/2013)


    The Noida authority on Tuesday said that it has cancelled the allotment of 30 commercial properties including two plots meant for shopping malls. Also, the authority will ban sub-lease, mortgage and construction permission to defaulter realtors.

    The authority cancelled allotment because allottees had defaulted on payments. They owed about Rs. 200 crores to the authority. The authority had allotted these shops to various allottees way back in 2000.

    This is the first time that the authority has cancelled commercial property allotments at such a large scale creating panic among realtors, who are defaulting to pay back their dues to the authority.

    “These 30 allottees had stopped responding to our repeated recovery notices. Now each allottee will have to pay default payment with restoration charges to get back their properties. But if they will fail to pay dues within next 3 months, then the allotment will be cancelled permanently,” said Manoj Kumar Rai officer on special duty (OSD), Noida authority.

    Officials said that they are likely to cancel the allotment of 20 more commercial properties to recover their dues.

    “If cancelation will not be revoked in next three months then we will allot these properties to fresh applicants,” said another official.
    Plot meant for shopping mall are located in sector 2 and 61. Officials said that 28 commercial shops are located in posh sectors like sector 37, 29, and 22.

    “We have got clear directions from chief executive officer that if any allottee including realtor is failing to pay dues on time, then do not hesitate to cancel the allotment because it is in the favour of the authority,” said official.

    Two plots meant for shopping malls are worth Rs. 15-20 crore.

    After canceling 30 commercial properties, the authority is planning to ban sub-lease, mortgage permission and construction permission to realtors, who are defaulting to pay their dues to the authority. The realtors are defaulting to pay 2, 400 crore dues to the authority.

    “We are giving realtors last warning that if they will fail to pay dues to the authority then they will have to stop the construction. And those, who are about to start construction will not be allowed permission for the same,” said OSD.

    The authority’s decision is likely to create panic among buyers, who have booked flats in various realtors’ projects.

    HT
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  • Small commercial plots scheme

    Guys, I went to see these plots in sector 36,40, 52, 100,110 etc . I came out disappointed hugely .... First the auction rates are set exorbitantly high. Not sure how its going to make business sense to bid for these auctions ....

    Here are the highlights.

    1) Basic auction price for old sectors (18,16,36,31,40) is set at 4.6 lakh/sqmt. For new sectors(71,72,100,110 etc) which are not inhabited basic auction price is around 2.6 lakhs/sqmt.
    2) 25% money has to be paid upfront by successful bidder. Remaining 75% money has to be paid in 10 years bi-annually with 11% interest.
    3) Lease rent = 2.5% of original cost of plot every year. ( If cost of the plot is 1 crore then lease rent going to be Rs 2.5 lakhs every year). In case there is delay in payment then authority going to charge 14% interest on this.
    4) If you want to sell plot later then authority going to charge 10% of original cost of plot + Rs 3630/sqmt - You are trapped can't get out.
    5) There are other fines if you do not construct plot in time or register plot with authority in time.
    6) Noida authority is also authorised to cancel the plot any time if you do not pay installments in time.
    7) Most of the small plots (18 metre- 30 sqmt) are in sector 36, 31, 40. All of these shops arelocated amidst kothies. Approach to these shops are not good either.

    Net net NA and its officials want to entrap you and suck your blood if you tried to get into this landmine.

    Somebody who is suffering/suffered. Please enlighten us !!!

    As posted above - NA has cancelled commercial plots of people who were allotted shops in year 2000. At that time rates were not at all high as they are today ... Think what will happen to these plots 2 years down the line.
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  • Noida Sector 18 plot sells for Rs 13 crore

    NOIDA: The city's realty market touched a new high on Monday after a 96 square metre commercial plot in the upscale Sector 18 was auctioned off by Noida Authority for Rs 13.56 lakh per sqm, thereby costing over Rs 13 crore. The Authority auctioned 32 commercial properties on Monday generating total revenue of Rs 220 crore.

    Authority chairman Rama Raman said the sale price of plot P-15 in Sector 18 is the highest so far in Noida for a commercial property.

    "This is the most expensive rate ever charged in Noida. The plot is located next to a leading fast food chain outlet on the opposite side of GIP Mall," Raman said.

    The other properties sold by the Authority are located in Sectors 1, 16, 18, 62, 52 and 36. The plots have a size between 30 and 200 metres.

    Authority officer on special duty, Manoj Rai, said that a total of 10 commercial plots were put up for auction in Sector 18. "The Authority will come up with other commercial plots auctioning schemes at the end of December or the beginning of January. We still have nearly 100 plots for auctioning in various sectors. Orders have been given to locate more areas where commercial properties can be sold," Rai added.

    Real estate experts said that a lot of investment is needed in the region and schemes like this will give a boost to the market. "The realty market of Gautam Budh Nagar has created a new price benchmark in the region. Over time, we have seen a huge jump in property rates, especially commercial and residential. The credit for this goes to the region's world-class infrastructure which is attracting investors," said Amit Gupta, MD Orris Infrastructure and member of Assocham.

    Officials said a lot of revenue needs to be generated by the Authority so that development projects can be funded, especially extension of the Noida Metro. "We have been receiving a good response for our properties. We hope to generate another Rs 500 crore in the upcoming schemes," said Vipin Gaur, general manager (commercial property), Noida Authority.
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  • Does it make business sense ???

    If some one puts 13 crores in bank FD. At 10% interest one would get 1.3 crores of risk free money every year. No cost of setting up business etc.

    To earn 1.3 crores of return one has to do 13 crores of annual business assuming 10% margin.
    It can only be done by a established, successful business which takes years.

    monthly lease rent for 96 meter plot in sector-18 market = (2.5% of 13 crores) / 12 =
    Rs 2,70833. This will be revised after 10 years.

    We all know, that shops only on ground floor flourish.

    If some one constructs on this plot and rents it out. He has to rent it out at minimum at 8/10 lacs per month to cover monthly noida authority lease rent (~ 3 lacs) and interest on loan taken. I'm not even considering cost of constuction etc.

    Long live black money !!!
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  • Noida cancels allotment of 17 commercial plots

    The Noida authority has cancelled allotment of 17 commercial plots which were done through a competitive bidding system in October, 2013.


    The authority said on Friday that it had to cancel the allotment after the applicants failed to deposit 25 percent of the property cost within the stipulated period one month from the date of allotment.

    The failure of this commercial plot scheme, which was promoted as the most successful one by the officials then, is being seen as a major setback to the authority. It has about 77 more commercial plots to allot.

    The authority had allotted a total of 31 plots, out of 94 available under the scheme in October, 2013 as the rest of the plot found no takers. Of these, 17 allottees have failed to pay the money in time. So, only 14 plots stay allotted so far.

    "We have seized the security money of these 17 applicants, who failed to pay the money," Vipin Gaur, general manager (commercial) of Noida authority said, adding that the authority had taken back the possession of the plots.

    The authority has earned Rs. 1.65 crore by way of the security money.

    These plots are located in Sectors 1, 10, 16, 18, 22, 27, 40, 44, 63, 70, 100 and 110.

    The failure of the scheme has left the officials bewildered too because two of the plots are located in Sector 18, city's most popular commercial hub which boasts of the highest property rate.

    These plots, measuring 96 sq m, had been bought at a record breaking rate of Rs. 13, 56,000 per sq m.

    "I guess many people had bought these plots at a high rate to resale quickly and make easy money. But they failed to get any buyer in the resale market, and couldn't pay back the authority. It means that commercial plots have few takers in Noida now," said a real estate expert.


    Noida cancels allotment of 17 commercial plots - Hindustan Times
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