The Greater Noida Industrial Development Authority (GNIDA) has successfully auctioned three prime residential plots, raising Rs 521 crore—twice the reserve price of Rs 262 crore. This auction is seen as a major boost to the real estate market in the region.
According to a report by The Economic Times, Eldeco Infrastructure and Properties Ltd emerged as the highest bidder, securing the largest plot of 30,470 sq m for Rs 286 crore, far exceeding the reserve price of Rs 187 crore. The second plot, measuring 16,276 sq m, was jointly acquired by Prasu Infrabuild and Divyansh Infraheight for Rs 154 crore, against a reserve price of Rs 91 crore. Purvanchal Projects took the smallest plot, a 3,999 sq m land parcel, for Rs 79.65 crore—significantly higher than the reserve price of Rs 23.97 crore.
This auction follows closely on the heels of a previous e-auction, where Godrej Properties and Sobha acquired land parcels in Greater Noida, reflecting growing investor interest in the region. In an earlier GNIDA auction, five land parcels with a reserve price of Rs 738 crore were sold for a total of Rs 1,500 crore, further highlighting the strong demand.
Eldeco Infrastructure has been particularly active in acquiring strategic land. Recently, the company purchased a 20,000 sq m plot near the upcoming Jewar airport in Noida for Rs 96.86 crore. In addition, Eldeco has secured plots in Gurgaon’s Sector 80 and Greater Noida West as part of its expansion plans.