YEIDA Launches Major Housing Plot Scheme

02 Aug 2024 CW Team

The plots will be allotted through an e-auction, with reserve prices set between Rs 32,375 and Rs 35,612 per sqm. This scheme is expected to generate at least 25,000 flats, catering to various segments from affordable to luxury housing, officials said.

In Sector 22D, eight plots will be available in four different sizes, including four plots of 20,235 sqm each, two plots of 47,754 sqm each, one plot of 45,731 sqm, and one plot of 48,564 sqm. Reserved prices for these plots range from Rs 655.1 billion to Rs 1.73 billion. Sector 18 will see six plots up for allotment, each measuring 16,188 sqm, with reserved prices from Rs 550 million to Rs 580 million. Sector 17 will offer five plots in a variety of sizes, with reserved prices ranging from Rs 370 million to Rs 780 million.

In total, these 19 plots cover a combined area of approximately 4.3 lakh sqm, with an aggregate reserved price of around Rs 14.7 billion.

YEIDA CEO Arun Vir Singh stated, "We anticipate a significant rise in housing demand in the area, driven by industrial development in the next few years. People working in factories, data centers, Noida International Airport, Film City, and other major projects will need housing and facilities. We plan to bring at least another 30 group housing plots in the future."

Developers have praised this move, highlighting the significant potential for housing development in these areas. Manoj Gaur, president of CREDAI NCR, noted, "There is a huge gap between demand and supply due to the scarcity of land in Noida and Greater Noida. These new plots will help bridge this gap." However, Gaur also mentioned that this development might not significantly affect prevailing flat rates, as the demand for 2BHK flats (affordable housing) is currently low, with a post-Covid shift towards larger flats.

Gaurav Gupta, general secretary of CREDAI NCR, expressed support for the timing of the scheme, stating, "With the Noida Airport becoming a reality, this is the right time to launch such schemes, allowing developers to focus on the area."

Amit Modi, director of County Group, added, "More than the airport, the industrial corridor being created by the authority will be a game-changer, attracting diverse footfall. This will cater to both affordable and luxurious segments."

Previously, YEIDA had allotted two group housing plots in Sector 22D to Purvanchal Projects and Eldeco Infrastructure and Properties, raising nearly Rs 2.5 billion in revenue.

The Yamuna Expressway Industrial Development Authority (YEIDA) is set to launch a new scheme this week, offering 19 group housing plots in the residential sectors of 17, 18, and 22D. These plots, ranging from 16,188 sqm (2.8 acres) to 48,564 sqm (12 acres), are strategically positioned to cater to the growing housing demand driven by the upcoming Noida International Airport and industrial development in the area. The plots will be allotted through an e-auction, with reserve prices set between Rs 32,375 and Rs 35,612 per sqm. This scheme is expected to generate at least 25,000 flats, catering to various segments from affordable to luxury housing, officials said. In Sector 22D, eight plots will be available in four different sizes, including four plots of 20,235 sqm each, two plots of 47,754 sqm each, one plot of 45,731 sqm, and one plot of 48,564 sqm. Reserved prices for these plots range from Rs 655.1 billion to Rs 1.73 billion. Sector 18 will see six plots up for allotment, each measuring 16,188 sqm, with reserved prices from Rs 550 million to Rs 580 million. Sector 17 will offer five plots in a variety of sizes, with reserved prices ranging from Rs 370 million to Rs 780 million. In total, these 19 plots cover a combined area of approximately 4.3 lakh sqm, with an aggregate reserved price of around Rs 14.7 billion. YEIDA CEO Arun Vir Singh stated, We anticipate a significant rise in housing demand in the area, driven by industrial development in the next few years. People working in factories, data centers, Noida International Airport, Film City, and other major projects will need housing and facilities. We plan to bring at least another 30 group housing plots in the future. Developers have praised this move, highlighting the significant potential for housing development in these areas. Manoj Gaur, president of CREDAI NCR, noted, There is a huge gap between demand and supply due to the scarcity of land in Noida and Greater Noida. These new plots will help bridge this gap. However, Gaur also mentioned that this development might not significantly affect prevailing flat rates, as the demand for 2BHK flats (affordable housing) is currently low, with a post-Covid shift towards larger flats. Gaurav Gupta, general secretary of CREDAI NCR, expressed support for the timing of the scheme, stating, With the Noida Airport becoming a reality, this is the right time to launch such schemes, allowing developers to focus on the area. Amit Modi, director of County Group, added, More than the airport, the industrial corridor being created by the authority will be a game-changer, attracting diverse footfall. This will cater to both affordable and luxurious segments. Previously, YEIDA had allotted two group housing plots in Sector 22D to Purvanchal Projects and Eldeco Infrastructure and Properties, raising nearly Rs 2.5 billion in revenue.

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