Eldeco Infrastructure & Properties Ltd (EIPL) and Purvanchal Projects Private Ltd have successfully secured bids for two group housing plots near the forthcoming Noida International Airport through a Yamuna Expressway Authority e-auction. The Yamuna Expressway Industrial Development Authority (YEIDA) sold these plots collectively for approximately ₹246.44 crore.
YEIDA had put up for sale two group housing plots measuring 20,000 square meters (sqm) and 40,000 sqm. Eldeco won the bid for the 20,000 sqm plot, while Purvanchal Projects secured the 40,000 sqm plot. Both plots are situated in Sector 22D, off the Yamuna Expressway, which connects Greater Noida with the historic cities of Mathura and Agra.
YEIDA officials confirmed that Eldeco and Purvanchal Projects emerged as the highest bidders for the 20,000 sqm and 40,000 sqm plots, respectively. The reserve price for the 20,000 sqm plot was ₹71.22 crore, and ₹142.45 crore for the 40,000 sqm plot. Eldeco’s highest bid was ₹96.86 crore for the 20,000 sqm plot, while Purvanchal Projects’ highest bid was ₹149.57 crore for the 40,000 sqm plot. YEIDA will receive around ₹246.44 crore from the sale of these plots near Noida International Airport in Jewar.
In April this year, YEIDA floated a scheme for six group housing plots off Yamuna Expressway near Jewar airport. The last date for bid submissions was May 20, but the scheme was extended by two weeks due to low bidder response. During the extension period, two applications were received for each of two plots, leading to an e-auction of only those two plots on July 12.
The last group housing plots allotted by YEIDA were in 2014. To date, the Authority has allotted plots to 13 real estate developers who are building residential projects, including townships along the Yamuna Expressway.
Eldeco Infrastructure and Properties Ltd is part of the Eldeco Group and a sister company of Eldeco Housing and Industries Ltd, which is listed on BSE Ltd. Established in 2000, EIPL undertakes projects in the Delhi NCR region and has expanded to other areas in recent years.
Purvanchal Projects Private Ltd, a Delhi-NCR based developer established in 1994, has completed over 32 projects across Delhi, Noida, and Greater Noida. Both firms are recognized for their strong track records of delivering quality projects in the real estate industry.
The development of these plots is expected to boost the real estate market in the region due to their proximity to the upcoming Noida International Airport, which is anticipated to drive significant economic growth and infrastructure development, attracting more real estate investments.
The sale of these plots by YEIDA underscores the ongoing demand for residential and commercial real estate in the area, fueled by infrastructural advancements like the new airport. This development is likely to attract more investments and spur further growth in the real estate sector around the Yamuna Expressway and Greater Noida region.
