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Rs 2,550 crore group housing societies deal inked in Noida


Rs 2,550 crore group housing societies deal inked in Noida

Last updated: February 19 2007
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  • Rs 2,550 crore group housing societies deal inked in Noida

    The Noida Authority has finalised a deal with five private real estate developers for development of group housing societies along the Noida-Greater Noida Expressway.

    At Rs 2,550 crores for 300 acres for land, this is the biggest land deal reached in Noida in the last few years. The five developers to have got the land after two rounds of competitive bidding — technical and financial — are Unitech, Parsvnath, Omaxe, Ambience and IVCRL.

    Unitech successfully bid for two plots of 71 acres and 54 acres for Rs 1,050 crore. Parsvnath emerged as the second biggest bidder buying 72 acres of land for Rs 602 crore. Ambience successfully bid for 37.5 acres of land for Rs 308 crore while IVCRL acquired 33 acres of land by bidding Rs 274 crore for it. In all the Noida Authority has got Rs. 2, 557 crore in its kitty by selling 304.5 acres of land.

    Noida is the best place to invest in NCR. Noida’s infrastructure is better than other suburbs. A number of flyovers are under construction and Delhi is a few minutes drive through the DND flyway. Besides, construction of Metro is in full swing.

    Though private developers are bullish about Noida's real estate market the number of properties registered in Noida in 2006-07 has shown a decline over the previous year. the Noida market is a seller's market. The increasing rate of interest on home loans would also have a dampening effect on the market. People are more interested in renting property than buying one right now.
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