YEIDA Allots 973 Plots Near Noida Airport Amid Massive Demand

The launch of Noida International Airport has provided a lot of opportunities to homebuyers wanting to invest in real estate around the area. To meet the growing demand for accommodation near the airport, the state government formed the Yamuna Expressway Industrial Development Authority (YEIDA) which in turn launched a scheme offering residential plots of varying sizes to prospective homebuyers.

Following the launch of the scheme and bid by prospective buyers, the authority has now allotted plots to the bidders by way of a computerised draw. According to a report in the Hindustan Times, the authority received over 110,000 applications from homebuyers and investors for a total of less than 1,000 residential plots.

Details Of The Plots Offered

The scheme offered a total of 973 residential plots across sectors 15-C, 18, and 24. These sectors are located close to the newly-inaugurated international airport at Jewar. This is expected to transform the region into an economic and infrastructure hub.

According to a Colliers report, titled Infrastructure & Mega Projects: The Key Enablers of Urban Expansion in India, land prices near the Jewar township are expected to grow by nearly 50 per cent by 2030, which has been cited as one of the primary reasons why the scheme received such an overwhelming response. The rates of land were fixed at Rs 36,260 per square metre. Registration amount varies depending on the plot size, ranging from approximately Rs 5.87 lakh-10.51 lakh.

Another additional charge of 5 per cent has been levied as preferential location charges (PLC), which applies to plots that are park-facing, corner-positioned, or the ones that are located along the green belts.

As a way to provide social equity to the farmers in the locality who gave up their lands during the acquisition process, the authority had reserved 17.50 per cent exclusively for them. Another 5 per cent is reserved for those who have functioning and industrial units in the area. The remaining 77.50 per cent of the plots are reserved for the general public.

The successful completion of the draw marks a milestone in the development of the Yamuna Expressway region. The upcoming residential, commercial, and infrastructure projects in the airport region have received a strong demand from potential buyers.