The Noida Authority‘s proposed auction for group housing plots located in Sectors 43 has received great response from top developers, including a Birla Group company. The plot measuring 41,145 square metres (Plot No. GH 1/C, Sector 43, Noida) attracted five bids from real estate developers.
According to news reports, the screening process for the Sector 43 group housing plot (Plot No. GH 1/C) is currently underway, and it may take around a fortnight to evaluate the proposals.
Among the top contenders vying for the Sector 43 plot are renowned developers like Max Group (Max Estate), Gaursons, and the surprising new entrant, Birla Group. It is the first time the Birla Group has shown interest in a group housing project in the Noida region. Godrej Properties already has a luxury residential apartment project in Sector 43, Noida (Uttar Pradesh).
According to the updated norms, successful bidders have to pay the entire amount to acquire the group housing project land parcels. The developers gain complete control over the allotted plot after the payment is made in full, making the land free of any future payment obligations against the allotment.
Two group housing plots, measuring 41,145 square metres (Plot No. GH 1/C, Sector 43, Noida) and 13,800 square metres (Plot No. GH-E-01/A, Sector 44, Noida), were notified for allotment through Group Housing Plots Scheme 2023-24 (II), with initial scheme closing date of 30 June 2023.
While the Sector 43 group housing plot has received several proposals, the Sector 44 (Plot No. GH-E-01/A) failed to receive enough bids, prompting authorities to extend the bidding timeline. The scheme for the Sector 44 plot has been granted a rollover period of 14 days, giving developers an additional opportunity to express their interest.
The Noida Authority evaluates all bid proposals to select competent developers with adequate financial strength to successfully execute the high-value projects. The authority seeks to maximize the potential of these plots while contributing to the growth and development of Noida’s real estate landscape.