A scheme floated barely three weeks ago by the Yamuna Expressway Industrial Development Authority (YEIDA) to allot plots for independent houses near the upcoming Noida International Airport has received an overwhelming response as people rush to grab a piece of what is perceived as a real estate gold mine.
Till Wednesday evening, the portal had seen 1.73 lakh users registering for just 1,184 plots on offer, 1.23 lakh purchasing forms online, 1.1 lakh applications being submitted and 78,290 applicants also paying 10% earnest money. The application deadline ends Friday night. The residential plots on offer are of seven different sizes – ranging from 120 to 2,000 square metres in Sectors 16, 17 and 20. The maximum, 466, are 200 sq m plots, followed by 260 plots of 162 sq m each.
Only 19 plots are available in the 2,000 sq m size. The scheme was launched on August 8.
Officials said the plots – costing Rs 24,600 per sq m – would be allotted through a draw of lots on October 18. Those who have paid earnest money will enjoy preference in the process.”The response has been overwhelming for the residential plot scheme this time. This is the first time that YEIDA has received so many applications. People are quite enthusiastic about it,” said YEIDA CEO Arun Vir Singh.
Plot schemes around the Yamuna Expressway floated by YEIDA began generating interest after construction of the Noida airport gained pace last year. In October, YEIDA received over 64,000 applications for 477 residential plots in five sectors.
Till 2021, the mood towards investment in housing plots was indifferent. For 418 plots it floated in 2018, YEIDA received 19,716 applications. In 2020, it got only 3,614 applications for 971 plots. The distance from Noida and the lack of development in the area were seen as dampeners. But with the airport now at the centre of the ecosystem, this no longer seems to be a concern.
Officials said that it’s not just the airport, but other infrastructure projects linked to it that have aroused interest in residential sectors off the expressway. Among them are the Apparel, Toy and Medical Device parks and the proposed Film City.
