YEIDA’s Commercial Plot E-Auction Raises Rs 500 Crore

                The Yamuna Expressway Industrial 
Development Authority (Yeida) on Tuesday 
said it has sold 45 commercial plots to 
generate a revenue of ₹265.14 crore as a few 
buyers placed 
bids higher than the reserve price of plots 
located near the Noida international airport in 
Jewar.
The authority launched a commercial plot 
scheme a month ago, inviting applications 
from interested buyers. On Tuesday, Yeida held 
the e-bidding to allot plots to the person 
placing 
the highest bid against the reserve price.
As per the prevailing market sentiments, Yeida 
fixed ₹2.50 crore for each plot measuring 1,000 
square metres for shopping complexes in 
different areas.
“We will be able to generate a revenue of 
₹265.14 crore against the fixed reserve price of 
₹112.50 crore because some applicants 
placed very high bids against certain plots. We 
will 
be able to get an additional amount of ₹152.64 
crore because the bids went up by 134% 
against the reserve price for certain plots,” said 
Arun Vir Singh, chief executive officer (CEO), 
Yeida.
The reason behind placing higher bids against 
the reserve price is that buyers want to cater to 
the commercial space demand generated by 
the Noida international airport, which is set 
to become functional by April-end 2025, he 
added.
What does the DPR say?
As per the detailed project reports (DPRs) of 
applicants who participated in the commercial 
plot scheme, they will together make an 
investment of ₹500 crore in all 45 commercial 
projects. And they estimate to create 5,000 
jobs in the region once these projects become 
operational, said officials.
“We are surprised that applicants placed 12% 
higher bids against three plots. These three 
applicants are Challenger Compute, Alexis 
Global and Sanash Impex. The Challenger 
Computers placed a bid of ₹28.28 crore 
against ₹2.5 crore reserve price, Challenger 
Computers bid ₹26.64 crore, and Sanash 
Impex bid ₹25.84 crore, thereby helping the 
authority 
to generate ₹80.76 crore from just three plots,” 
said Singh.
On apprehensions about construction, another 
Yeida official said: “Some people think that 
after buying these three plots for such a high 
price, these buyers will run away without 
starting construction. But in such a scenario, 
the 10% security amount that they paid for 
participating in the e-auction will be forfeited.”
“The future will clarify whether these three 
companies were serious about taking these 
plots. If they come to take possession and 
develop a project, then it means that they want 
to 
cash in on the sentiment created due to the 
Noida airport,” said Dinesh Gupta, secretary, 
Confederation of Real Estate Developers 
Association of India (CREDAI), a realtors’ 
lobbying 
group.




Source : Hindustan Times