Greater Noida Real Estate Market Sees Major Boost with Rs 521 Crore Auction
The recent auction by Greater Noida Industrial Development Authority (GNIDA) has marked a significant boost for the region's real estate market, with Eldeco Infrastructure and Properties Ltd emerging as the top bidder.
Greater Noida Real EstateGnida AuctionEldeco InfrastructureReal Estate MarketResidential DevelopmentReal Estate NewsSep 07, 2024
According to a report by The Economic Times, Eldeco Infrastructure and Properties Ltd emerged as the top bidder, securing the largest of the three plots - a 30,470 sq m land parcel - for Rs 286 crore, surpassing the reserve price of Rs 187 crore. The second plot, measuring 16,276 sq m, was jointly acquired by Prasu Infrabuild and Divyansh Infraheight for Rs 154 crore, against a reserve price of Rs 91 crore. Purvanchal Projects won the smallest plot of 3,999 sq m for Rs 79.65 crore, significantly higher than the reserve price of Rs 23.97 crore.
This auction follows the recent acquisition of three land parcels by Godrej Properties and Sobha in a GNIDA e-auction, reflecting heightened interest in the Greater Noida region. GNIDA had previously auctioned five land parcels for a reserve price of Rs 738 crore, selling them for a combined total of Rs 1,500 crore.
Eldeco Infrastructure has been actively acquiring land across strategic locations. Recently, the company secured a 20,000 sq m plot near the upcoming Jewar airport in Noida for Rs 96.86 crore and has acquired additional plots in Gurgaon’s Sector 80 and Greater Noida West.
The company also raised Rs 350 crore in funding from HDFC Capital Advisors Limited, boosting the joint platform's corpus to Rs 850 crore. The platform aims to generate Rs 8,000 crore from 17 residential projects, focusing on holiday destinations and tier-2 cities.
Information The Greater Noida Industrial Development Authority (GNIDA) is a government agency responsible for the development of the Greater Noida region. The agency has been actively involved in promoting the region's real estate market through various initiatives, including land auctions.
Eldeco Infrastructure and Properties Ltd is a leading real estate developer in India, with a strong presence in the National Capital Region (NCR). The company has been actively acquiring land across strategic locations and has a pipeline of several residential projects in the region.
Frequently Asked Questions
What is the total amount raised by GNIDA through the recent auction?
Rs 521 crore
Who emerged as the top bidder in the auction?
Eldeco Infrastructure and Properties Ltd
What is the size of the largest plot acquired by Eldeco Infrastructure?
30,470 sq m
What is the total corpus of the joint platform between Eldeco Infrastructure and HDFC Capital Advisors Limited?
Rs 850 crore
What is the target revenue of the joint platform from 17 residential projects?
Rs 8,000 crore
Tags:
Related News Articles
Dhaval Buch's Blackstone Role Precedes Wife Madhabi's SEBI Appointment, Sparks Conflict Concerns
Dhaval Buch's role at Blackstone predates his wife Madhabi Buch's SEBI appointment, sparking concerns of potential conflicts of interest in regulatory changes affecting the REIT sector.
How Economic Conditions Influence India's Real Estate Market
Discover how GDP growth, inflation, interest rates, and employment trends shape India's real estate market, influencing home prices, demand, and investment opportunities.
BFSI Sector Drives Commercial Real Estate Demand in Major Indian Cities
Tech cities like Bengaluru, Hyderabad, Chennai, and Pune are driving real estate demand from BFSI GCCs, while Mumbai and Delhi NCR are favored by domestic BFSI occupiers.
Prestige Estates Projects Sees 13% Dip in Q1 Profit to Rs 232.6 Cr
Prestige Estates Projects, a leading real estate company, reported a 13% decline in its net income to Rs 232.6 crore in the quarter ended June 2024, owing to increased expenses.
CIOKlub Hyderabad Chapter Hosts NexTech CIO Summit: A Hub for Tech Leaders
The CIOKlub Hyderabad Chapter recently organized the NexTech CIO Summit, bringing together top technology leaders to discuss the latest trends and innovations in the tech industry.
Real Estate Firms Acquire 6,000 Acres of Land for Rs 90,000 Crore to Develop Projects
Real estate companies have made significant land acquisitions over the past few years, buying nearly 6,000 acres of land for Rs 90,000 crore to develop residential and commercial projects. This move is expected to boost the urban real estate market.