3 hrs ago
Noida Sector 108 Draws Developers After Rs 1,850-Crore Bid
M3M bought a large piece of land in Noida’s Sector 108 for about Rs 1,850 crore.
The land covers 12.5 acres.
This price was more than twice the government authority’s starting price.
The land can be used for homes and businesses.
The area already has luxury housing, offices, schools, hospitals and parks nearby.
It is also close to the Noida-Greater Noida Expressway and the airport.
Builders are interested because older parts of Noida have less space left for new projects.
Experts say land along the Expressway is becoming more expensive and competitive.
M3M outbid DLF with an approximately Rs 1,850 crore bid for 12.5 acres in Noida’s Sector 108.
The winning bid was more than twice the Noida Authority’s reserve price of Rs 835 crore.
The parcel will support a mixed-use project with up to 40% residential and 60% commercial development.
Sector 108 benefits from nearby premium housing, commercial spaces, institutions, hospitals, parks and Expressway connectivity.
Developers are competing for increasingly scarce land along the Noida-Greater Noida Expressway as older city sectors become saturated.
- Who
- M3M won the land bid, competing against DLF, with views provided by Noida Authority official and real-estate advisers Reetesh Singh and Paras Satija.
- What
- A 12.5-acre Sector 108 land parcel was sold for approximately Rs 1,850 crore for a mixed-use project.
- Where
- Sector 108, Noida, along the Noida-Greater Noida Expressway.
- When
- The bid took place last week; the article also cites land prices from 2016 and current conditions.
- Why
- Older Noida sectors have become saturated, while Sector 108 offers nearby housing, commercial activity, institutions, amenities, transport links and access toward Noida International Airport.
Key facts
- Winning bidder
- M3M
- Competing bidder
- DLF
- Land area
- 12.5 acres
- Winning bid
- Approximately Rs 1,850 crore
- Reserve price
- Rs 835 crore
- Permitted land use
- Up to 40% residential and 60% commercial
- Distance to DND flyway
- 9.5 km, or about a 14-minute drive
- Distance to Noida International Airport
- 52 km, or about a 50-minute drive
Quotes
Noida Authority official
An official of the Noida Authority discussing demand around Sector 108
“The sectors between Sector 44 and the Expressway have several premium residential projects where property rates go up to Rs 9 crore… This generates a huge demand from high-end customers for commercial establishments to be set up in this area. There are also institutions such as Amity University located in Sector 125, also schools such as Lotus Valley”
indianexpress.com
“It is not just Sector 108 but the entire Noida Expressway is changing the dynamics of real estate in Noida and the country”
indianexpress.com
Sources
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