Demand for group housing projects in Greater Noida spikes

12 Nov 2021 CW Team

The industrial authority has floated a scheme consisting of four builder plots last month.

The smallest plot is 5.83 acres, priced at Rs 76.2 crore, while the largest one is spread across 9.72 acres at Rs 127 crore. The housing group department of the Greater Noida Authority evaluated the initial response to the scheme and found seven applicants interested in participating in an online auction this month.

Due to lingering issues between the homebuyers and the developers, the officials were not expecting much response from the industry players. Now, the Greater Noida Industrial Development Authority (GNIDA) has revised the terms and conditions and focused on the timely completion of the projects.

Previously, the plots were given to the developers only by taking a 10% land premium upfront. However, GNIDA will now take a 50% land premium within 60 days of the allotment and the remaining amount in the next four years in eight instalments.

The authority will also impose the conditions to ensure that phases are planned in the layout and finished within five months of allotment.

CEO of GNIDA, Narendra Bhooshan, said that launching a group housing scheme for builders was not easy. Industrial allotment and developments have taken place over the last few years with increasing demand for housing. Many projects have already been stalled, so the authority has introduced new conditions to ensure that serious players enter the business.

The authority introduced the last group housing scheme in 2012-14. The outcome of the new group housing scheme will be opened by 15-16 November. All the documents will be scrutinised, and they have to deposit the required amount to participate in the auction.

Managing Director and Secretary of Confederation of Real Estate Developers' Associations of India (CREDAI) Western Uttar Pradesh, Subodh Goel, said that it is good that the authorities have taken measures to ensure timely completion of the projects.

. Increasing the land premium upfront from 10% to 50% will discourage legitimate players as the developers will not have too much liquidity.

Image Source

Also read: Noida Authority to examine green belts within housing societies

The real estate sector of the National Capital Region (NCR) is rebounding from the pandemic slump, with over half-a-dozen applicants showing interest in purchasing plots for group housing projects in Greater Noida. The industrial authority has floated a scheme consisting of four builder plots last month. The smallest plot is 5.83 acres, priced at Rs 76.2 crore, while the largest one is spread across 9.72 acres at Rs 127 crore. The housing group department of the Greater Noida Authority evaluated the initial response to the scheme and found seven applicants interested in participating in an online auction this month. Due to lingering issues between the homebuyers and the developers, the officials were not expecting much response from the industry players. Now, the Greater Noida Industrial Development Authority (GNIDA) has revised the terms and conditions and focused on the timely completion of the projects. Previously, the plots were given to the developers only by taking a 10% land premium upfront. However, GNIDA will now take a 50% land premium within 60 days of the allotment and the remaining amount in the next four years in eight instalments. The authority will also impose the conditions to ensure that phases are planned in the layout and finished within five months of allotment. CEO of GNIDA, Narendra Bhooshan, said that launching a group housing scheme for builders was not easy. Industrial allotment and developments have taken place over the last few years with increasing demand for housing. Many projects have already been stalled, so the authority has introduced new conditions to ensure that serious players enter the business. The authority introduced the last group housing scheme in 2012-14. The outcome of the new group housing scheme will be opened by 15-16 November. All the documents will be scrutinised, and they have to deposit the required amount to participate in the auction. Managing Director and Secretary of Confederation of Real Estate Developers' Associations of India (CREDAI) Western Uttar Pradesh, Subodh Goel, said that it is good that the authorities have taken measures to ensure timely completion of the projects.. Increasing the land premium upfront from 10% to 50% will discourage legitimate players as the developers will not have too much liquidity. Image Source Also read: Noida Authority to examine green belts within housing societies

Building Material

11 Dec 2025

Suraj Estate Wins Euromoney Award for India’s Best Residential Developer

"Suraj Estate Developers Limited has received the Euromoney Real Estate Award 2025 for ‘India’s Best Residential Developer’, positioning the company among globally benchmarked leaders in the sector. The recognition reflects its four-decade legacy in delivering high-quality residential and redevelopment-led projects across South Central Mumbai. The Euromoney Real Estate Awards, presented by the London-based Euromoney magazine, are widely regarded as one of the most credible global assessments of performance in real estate, banking and finance. Winners are selected through surveys of inte..

Building Material

11 Dec 2025

Lloyds Metals, Tata Steel Sign MoU to Explore Strategic Collaboration

"Lloyds Metals and Energy Limited has signed a non-binding Memorandum of Understanding with Tata Steel Limited to evaluate potential areas of strategic cooperation across mining, logistics, pelletisation and steelmaking. The MoU was signed by B Prabhakaran, Managing Director of Lloyds Metals, and Mr T V Narendran, CEO and Managing Director of Tata Steel. The partnership framework aims to leverage the natural operational synergies between both companies and assess opportunities in greenfield steel projects, iron ore mining, slurry pipeline infrastructure, pellet manufacturing in iron ore–ric..

Building Material

11 Dec 2025

IndiaAI, Gujarat Govt Host Regional Conclave Ahead of 2026 AI Summit

The IndiaAI Mission under the Ministry of Electronics and Information Technology, along with the Government of Gujarat and IIT Gandhinagar, convened a Regional Pre-Summit Event at Mahatma Mandir, Gandhinagar. The initiative is part of the build-up to the India–AI Impact Summit 2026, scheduled for 15–20 February 2026 at Bharat Mandapam, New Delhi. The conclave brought together senior policymakers, technology leaders, researchers and industry practitioners to examine how AI can accelerate economic, digital and social transformation across sectors. The programme focused on the overarching th..