Team Opulnz Abode: 15-01-2024, 11:41: Read Time – 2mins
The Greater Noida Authority recently completed the e-bidding process for five group housing plots, generating an impressive ₹1,500 crore in revenue, more than double the reserve price. This marks a significant milestone for the city and reflects the growing demand for premium and ultra-luxury housing projects.
Key Highlights from the E-Bidding Process
Record-Breaking Revenue
- Total revenue generated: ₹1,500 crore, surpassing the expected ₹700 crore reserve price by 128%.
- Reserve Price Range: ₹48,438 to ₹59,943 per square metre.
- Average Bids: 38 developers participated, with bids exceeding reserve prices due to surging demand for quality housing.
Prime Plot Allocations
- Godrej Properties: Acquired two prime plots:
- Sector 12: 32,000 square metres at ₹1,36,743 per square metre.
- Sector Sigma-3: 38,700 square metres at ₹1,03,243 per square metre.
- Sobha Limited: Entered the Greater Noida market for the first time, securing a 13,900 square metre plot in Sector 36 for ₹1,16,012 per square metre, marking its debut with plans for an ultra-luxury housing project.
- Ashtech Industries: Secured a 22,558 square metre plot in Sector 12 for ₹1,30,743 per square metre.
- Prasu Infrabuild and Kamroop Infrabuild: Jointly purchased a 28,265 square metre plot in Sector Eta 2 at ₹71,404 per square metre.
Total Land Sold: 34 acres across five prime plots.
Sobha Greater Noida Price, Location:https://www.opulnzabode.com/sobha-sector-36-greater-noida-by-sobha-limited/
Driving Factors Behind the Demand Surge
World-Class Infrastructure
Greater Noida’s robust infrastructure, including seamless connectivity to Delhi, Noida, and upcoming projects like the Jewar International Airport, has bolstered its appeal among developers and buyers alike.
Rising Demand for Premium Housing
- Ravi Kumar NG, CEO of the Greater Noida Authority, emphasized the growing appetite for quality housing projects, reflecting the city’s shift toward premium and luxury real estate.
- Affordable Housing Leader: While Greater Noida is known for affordable housing, the entry of developers like Sobha Ltd and Godrej indicates a pivot toward more diverse offerings, including ultra-luxury homes.
- Challenges and Industry Perspectives
E-Bidding Accessibility
- While e-bidding ensures transparency, it may discourage smaller developers who lack the financial capacity to compete with prominent realtors.
- Dinesh Gupta, Secretary of CREDAI, acknowledged the influx of reputed developers as a positive change but highlighted the need for inclusive practices to support smaller players.
Payment Timeline
Developers must pay the total cost of the plots within 90 days of allotment, ensuring timely transactions and the commencement of projects.
Sobha Yamuna Expressway: https://www.opulnzabode.com/sobha-yamuna-expressway/
A Bright Future for Greater Noida Real Estate
Increased Developer Interest
The high demand for group housing plots signals Greater Noida’s transformation into a hub for premium and ultra-luxury housing. Developers are drawn by:
- Growing urbanization.
- Improved connectivity.
- A diverse and discerning buyer base.
Upcoming Land Schemes
Ravi Kumar NG confirmed that the Greater Noida Authority is preparing additional land schemes to meet the rising demand, ensuring the city remains a hotspot for real estate investments.
Greater Noida Real Estate on an Upward Trajectory
The latest e-bidding success highlights Greater Noida’s evolution into a destination for premium and luxury housing projects. With industry giants like Sobha Ltd and Godrej Properties entering the market, the city is set to redefine its real estate landscape. While the focus shifts toward ultra-luxury developments, balancing growth to include smaller developers remains crucial.
Explore Premium Real Estate Opportunities with Opulnz Abode
As Greater Noida gears up for a real estate transformation, Opulnz Abode offers expert insights and personalized consultancy to help you navigate this thriving market. Whether you’re looking to invest in Sobha’s ultra-luxury project or Godrej’s prime developments, our 15+ years of expertise ensure you find the perfect property. Contact Opulnz Abode today to unlock unmatched opportunities in Greater Noida and beyond!
