Jewar Airport boosts land prices in Noida, Greater Noida, residential plots auctioned for three times the base price

Greater Noida news: India's largest airport will come up near Jewar in Gautam Buddha Nagar District of Uttar Pradesh. The Jewar Airport or Noida International Airport will serve the people of Delhi-NCR. It will also act as an alternative to Delhi's IGI airport. Even as the airport is being constructed, land prices near Jewar have been shot up.

Recently, the land parcels in Greater Noida were auctioned for triple their reserve price. IANS reported. Greater Noida Authority conducted a three-day e-auction from March 28-30 wherein 166 plots were sold at high prices. These plots are located in Sector 2, Sector Chi 3, Phi 3, Delta 2, Delta 3, Sigma 1 and Sigma 2. The auction of 166 plots took place through the SBI portal.

The reserve price of these plots was set at Rs 153 crore, but it was exceeded to Rs 415 crore in the auction. On the last day, 39 plots were auctioned. Their reserve price was set to around Rs 53.64 crore, but they were sold at Rs 132 crore in the auction.

The estate department launched the scheme of 166 residential plots, ranging from 162 sq metres to 738 sq metres on January 30 after Greater Noida Authority`s CEO Ritu Maheshwari's instruction.

One such plot of 220 sq. metres located in Sector 2 was sold at a rate of about 162 per cent more than the reserve price, which was Rs 87.12 lakh. The plot was sold at Rs 1.41 crore. Maheshwari stated that the reserve price of all these plots was Rs 53.64 crore. She said that the possession of these lands will be handed over as soon as the allotment process is completed.

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She added that the way home-seekers have participated in the e-auction, it is an achievement for the 'greenest city', Greater Noida.

Additional CEO, Anand Vardhan said that Greater Noida has been settled with a lot of planning, hence the area has wide roads, greenery and cleanliness. The people there also have access to different kinds of markets, which is why it has become a premier choice for the people in Gautam Buddha Nagar district.

Town Planner Abhinav Singh Chauhan while speaking to IANS, said that the biggest reason behind these plots being sold at three times the bid is the Jewar Airport being built near Greater Noida and its excellent connectivity.

Chauhan added that people envision building their homes and future in Greater Noida due to its easy connectivity with other areas. He stated that the plots have been sold at a very expensive rate because Greater Noida`s planning was done keeping cleanliness, connectivity and the problem of traffic jams, among others in mind.