GNIDA Auctions Three Plots for Rs 521 Crore, Eldeco and Purvanchal Projects Emerge as Top Bidders
The Greater Noida Industrial Development Authority (GNIDA) has auctioned three plots for residential development for a whopping Rs 521 crore, with Eldeco Infrastructure and Properties Ltd and Purvanchal Projects emerging as the top bidders.
GnidaEldecoPurvanchal ProjectsGodrej PropertiesSobhaHdfc Capital Advisors LimitedReal Estate MumbaiSep 07, 2024
The auction came days after Mumbai-based Godrej Properties and Bengaluru-based Sobha acquired three land parcels in an e-auction conducted by GNIDA. The authority had put up five land parcels for auction, with a total reserve price of Rs 738 crore, and managed to sell them for a total of Rs 1,500 crore.
This is not the first time Eldeco has made a significant acquisition in the region. Earlier, the company had acquired a 20,000 sq m land parcel near the upcoming Jewar airport in Noida through an auction held by the Yamuna Expressway Industrial Development Authority (YEIDA) for Rs 96.86 crore. In the same auction, Purvanchal Projects had purchased a 40,000 sq m land parcel for Rs 149.47 crore.
Eldeco has also recently acquired 2.7 acres for Rs 110 crore and 8.5 acres for Rs 165 crore in Gurgaon's Sector 80 through an auction conducted by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). The company has also secured a 36,000 sq m plot in Greater Noida West for a 750,000 sq ft residential development with an investment of Rs 250 crore.
The company recently secured Rs 350 crore in funding from HDFC Capital Advisors Limited for their joint platform that executes residential projects across the country. This is the third round of funding in as many years, bringing the platform's corpus to Rs 850 crore, with an expectation to generate Rs 8,000 crore from 17 projects.
Eldeco Group has delivered 200 projects with approximately 30 million sq ft of real estate development. Besides, the group has 30 projects with 35 million sq ft in various stages of execution.
The Greater Noida Industrial Development Authority (GNIDA) is a government agency responsible for the development of Greater Noida, a planned city located in the state of Uttar Pradesh, India. The authority is responsible for providing infrastructure, including roads, water supply, and sewage systems, to support the growth of industries and residential areas in the region.
Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) is a government agency responsible for the development of industrial infrastructure in the state of Haryana, India. The corporation provides various services, including the development of industrial estates, roads, and other infrastructure facilities, to support the growth of industries in the state.
Yamuna Expressway Industrial Development Authority (YEIDA) is a government agency responsible for the development of the Yamuna Expressway, a 165 km long expressway that connects Greater Noida to Agra, India. The authority is responsible for providing infrastructure, including roads, water supply, and sewage systems, to support the growth of industries and residential areas along the expressway.
Godrej Properties is a real estate development company based in Mumbai, India. The company is part of the Godrej Group, a diversified business conglomerate with interests in various sectors, including real estate, consumer goods, and agriculture.
Sobha is a real estate development company based in Bengaluru, India. The company is one of the largest real estate developers in India, with a presence in 27 cities across the country.
HDFC Capital Advisors Limited is a private equity firm based in Mumbai, India. The firm provides funding to real estate developers and other companies in the infrastructure sector.
Frequently Asked Questions
What is the total value of the plots auctioned by GNIDA?
The total value of the plots auctioned by GNIDA is Rs 521 crore.
Who are the top bidders for the plots auctioned by GNIDA?
Eldeco Infrastructure and Properties Ltd and Purvanchal Projects are the top bidders for the plots auctioned by GNIDA.
What is the size of the biggest plot auctioned by GNIDA?
The biggest plot auctioned by GNIDA measures 30,470 sq m.
Who is the parent company of Godrej Properties?
Godrej Properties is part of the Godrej Group, a diversified business conglomerate with interests in various sectors.
What is the corpus of the joint platform of Eldeco and HDFC Capital Advisors Limited?
The corpus of the joint platform of Eldeco and HDFC Capital Advisors Limited is Rs 850 crore.
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