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Allotment of Land Near Yamuna Expressway For Hotels

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Yamuna Expressway

Yamuna Expressway is in the news, for Hospitality Purposes. The investors and hoteliers should keenly read this news. Yamuna Expressway Industrial Development Authority(YEIDA) will allot land parcels to the hoteliers for establishing hotels around Noida Airport. The allotting of the land parcels will be done on December 22, the plots will be allotted through an e-auction online. This is a major commercial real estate news.
The authority has extended the deadline for applying to the scheme from December 8 to December 14. The available land parcels are located in Sector 28, near the Yamuna Expressway, and are also close to the Jewar airport.
These plots are also having efficient connectivity with East West freight corridors and the upcoming International Film City, sector 21. The Medical Devices Park of Noida is also in the same sector. The officials of the YEIDA are hoping to earn at least 108 crore Rs, from this e-auction.
In recent real estate news, a senior YEIDA official mentioned that they’ve received a strong response to their scheme, with major companies like ITC Group showing interest in establishing hotels near the upcoming airport. To accommodate potential bidders who requested more time, the application deadline has been extended to December 14. The official added that an e-auction for these hotel plots will be conducted on December 22.
The scheme was started on November First, for the e-auction of only 3 commercial plots. These land parcels are of size being 3400, 5000, 1000 sq. m.
A major breaking in the Latest Real Estate News, the reserve prices of the plots are between Rs 20.10 crore and Rs 62.06 crore. The Earnest money Deposit(EMD) of these Plots is fixed at Rs 2 crore and Rs 6.3 crore, depending on the size. The per sq. m rate of the plot is fixed at Rs 59,100 Plus any location charge if applicable.
Applicants are required to pay a non-refundable processing fee ranging from Rs 2.01 lakh to Rs 6.30 lakh, plus an additional 18 percent GST.

Officials have stated that the plots will be leased for 90 years to the successful bidders. These allottees will have the freedom to build multi-storey structures on their plots without any particular height limitations. However, for hotel buildings taller than 24 metres, clearance from the Airports Authority of India will be necessary.

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