The Yamuna Expressway Industrial Development Authority (YEIDA) has earmarked three commercial plots near the Noida International Airport solely for hotels. The three land pockets are in three sizes: 3,400 square meters (sq m), 5,000 sq m and 10,000 sq m. These plots are located in YEIDA’s Sector 28 which is in close proximity to the Yamuna Expressway and also the upcoming airport in Jewar.
YEIDA is inviting developers to purchase land to construct swanky hotels near Noida International Airport. (Representational image | Source: X/ @NIAirport)
Noida: Flight operations will start immediately at the Noida International Airport. Once the airport gets operational, commercial and industrial activities will also increase in the region. The area will also need good hotels as it will witness a high footfall of flyers. Keeping this need in mind, the Yamuna Expressway Industrial Development Authority (YEIDA) has fast-tracked its plans for commercial and industrial activities in the region. It is now inviting developers to purchase land to construct swanky hotels near the upcoming airport in the NCR region.
Under the new scheme launched by YEIDA, three plots have been put on sale, and will be allocated to developers on an e-auction basis. The auction process will end on May 21. YEIDA had launched a similar scheme in November 2023, but rolled it back after receiving a warm response. “It (the new offer) is a golden opportunity for developers and hospitality companies to invest here to set up star-rated hotels near the upcoming Jewar airport. We are hopeful of getting a good response from prospective bidders this time,” a YEIDA official told Moneycontrol.
Hotels near Noida Airport: Location, size, number of plots on sale
YEIDA has earmarked three commercial plots near the Noida Airport solely for hotels. The three land pockets are in three sizes: 3,400 square meters (sq m), 5,000 sq m and 10,000 sq m. These plots are located in YEIDA’s Sector 28 which is in close proximity to the Yamuna Expressway and also the upcoming airport in Jewar. These plots will have easy access to the east-west freight corridor, the upcoming International Film City in Sector 21 and the medical devices park planned in the area.
What is the price, allotment rate for such plots?
YEIDA has kept the reserve price of these plots between Rs 20.10 crore and Rs 62.06 crore, while the earnest money deposit (EMD) value of these plots has been fixed between Rs 2.01 crore and Rs 6.3 crore, depending on the size of the plots. These land parcels will be allocated at a rate of Rs 59,100 per sq m sans the preferred location charges. The developers who intend to buy the land will also have to pay a non-refundable processing fee of Rs 2.01 lakh to Rs 6.30 lakh, excluding 18 percent GST. The development authority aims to earn around Rs 110 crore from the allocation of these land pockets.
E-auction process
As per YEIDA officials, these plots will be allocated through an e-auction which is scheduled for June 14, after the Lok Sabha polls end. These land parcels will be allocated to successful bidders on a lease of 90 years. The applicants will be able to build multi-storey buildings on these plots, but structures exceeding 24 meters in height will have to get clearance from the Airports Authority of India (AAI).
The allottees will also have to deposit 40 percent of the total cost of the hotel plot after adjusting the EMD within 60 days of the date of issuance of the allotment letter, said YEIDA officials. The remaining 60 percent can be paid in 10 half-yearly installments with interest at the rate of 10 percent per annum in the next five years.
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