With the construction of the Noida International Airport moving forward rapidly, the Yamuna Expressway Industrial Development Authority (YEIDA) has expedited its plans for commercial and industrial ventures near the soon-to-be-opened airport.
In the most recent initiative, YEIDA is urging developers to purchase land for building hotels close to the second airport in the National Capital Region. Three plots are now available for purchase under the program, and they will be assigned through an online auction system. The program will conclude on May 21.
A comparable program provided in November 2023 did not receive a strong response and was subsequently removed.
The new offer presents developers and hospitality companies with a valuable chance to invest in establishing luxury hotels near the soon-to-open Jewar airport.
Number of plots and sizes
Three commercial plots designated specifically for hotels are now available for purchase under the program. Land parcels are available in three different sizes: 3,400 sq m, 5,000 sq m, and 10,000 sq m.
Location
These plots are located in Sector 28 of YEIDA, adjacent to the Yamuna Expressway and in close proximity to the Noida International Airport at Jewar. These properties also offer convenient connections to the east-west freight corridor, the planned International Film City in Sector 21, and the medical devices park scheduled for development in the vicinity.
Prices and allotment rate
The plots are priced between Rs 20.10 crore and Rs 62.06 crore as the reserve price, and the earnest money deposit value ranges from Rs 2.01 crore to Rs 6.3 crore based on the size.
These plots will be sold for Rs 59,100 per sq. m with additional charges for preferred locations. The candidates must also submit a non-refundable processing fee ranging from Rs 2.01 lakh to Rs 6.30 lakh, plus an additional 18 percent goods and services tax. The authority looks to earn around Rs 110 crore from the allotment of these plots.
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E-auction
According to officials, these hotel plots will be allotted through an e-auction. The e-auction will be conducted on June 14, once the Lok Sabha election ends. The plots will be allotted to successful bidders on a lease of 90 years.
Successful allottees will be permitted to construct multi-storey buildings. However, structures exceeding 24 metres in height will need prior clearance from the Airports Authority of India.
Payment plan
Allottees must pay 40 percent of the overall hotel plot cost, minus the EMD, within 60 days of receiving the allotment letter. The remaining 60 percent must be paid in 10 semi-annual payments with a 10 percent annual interest rate over a period of five years.
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