Greater Noida Real Estate Market Sees Unprecedented Boom with GNIDA Auction Raking in Rs 521 Crore
The recent GNIDA auction has injected new life into the Greater Noida real estate market, with Eldeco Infrastructure and Properties Ltd emerging as the top bidder.
Greater Noida Real EstateGnida AuctionEldeco Infrastructure And Properties LtdReal Estate MarketResidential DevelopmentReal EstateSep 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.
The report added that 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.
About GNIDA
The Greater Noida Industrial Development Authority (GNIDA) is a government agency responsible for the development of the Greater Noida region. The authority is responsible for planning, developing, and maintaining the region's infrastructure, including roads, transportation systems, and public utilities.
About Eldeco Infrastructure and Properties Ltd
Eldeco Infrastructure and Properties Ltd is a leading real estate developer in India, with a focus on residential and commercial projects. The company has a strong presence in the Delhi-NCR region and has developed several iconic projects in the area.
Keywords Greater Noida real estate, GNIDA auction, Eldeco Infrastructure and Properties Ltd, real estate market, residential development
FAQs
Q What was the total amount raised by the GNIDA auction?
A The GNIDA auction raised a total of Rs 521 crore.
Q Who was the top bidder in the GNIDA auction?
A Eldeco Infrastructure and Properties Ltd emerged as the top bidder, securing the largest plot for Rs 286 crore.
Q What is the significance of the GNIDA auction for the Greater Noida real estate market?
A The auction marks a significant boost for the region's real estate market, reflecting heightened interest in the area.
Q What is the focus of Eldeco Infrastructure and Properties Ltd's development plans?
A The company is focusing on residential and commercial projects, with a emphasis on holiday destinations and tier-2 cities.
Q How much funding did Eldeco Infrastructure and Properties Ltd raise from HDFC Capital Advisors Limited?
A The company raised Rs 350 crore in funding, boosting the joint platform's corpus to Rs 850 crore.
Frequently Asked Questions
What was the total amount raised by the GNIDA auction?
The GNIDA auction raised a total of Rs 521 crore.
Who was the top bidder in the GNIDA auction?
Eldeco Infrastructure and Properties Ltd emerged as the top bidder, securing the largest plot for Rs 286 crore.
What is the significance of the GNIDA auction for the Greater Noida real estate market?
The auction marks a significant boost for the region's real estate market, reflecting heightened interest in the area.
What is the focus of Eldeco Infrastructure and Properties Ltd's development plans?
The company is focusing on residential and commercial projects, with a emphasis on holiday destinations and tier-2 cities.
How much funding did Eldeco Infrastructure and Properties Ltd raise from HDFC Capital Advisors Limited?
The company raised Rs 350 crore in funding, boosting the joint platform's corpus to Rs 850 crore.
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