YEIDA's New Plot Allotment Scheme To Fuel Hotel Development In Greater Noida
The Uttar Pradesh government's Yamuna Expressway Industrial Development Authority (YEIDA) has introduced a new plot allotment scheme, aligning with Chief Minister Yogi Adityanath's vision to enhance civic amenities in Greater Noida.
The new scheme is expected to promote the establishment of hotels in Greater Noida, with three categories of hotel plots set to be allocated in Sector 28. The plot allocation process will be conducted through e-auctions.
These plots hold strategic significance due to their proximity to Jewar Airport, making them an attractive location for hoteliers interested in developing both budget and premium hotels.
The scheme was launched by YEIDA and is currently open for applications until 20 November. The Uttar Pradesh government will lease the plots for a period of 90 years to selected bidders.
Hotel developers who acquire land through the e-auction will have to complete the initial phase of construction within three years, with the entire project expected to be finished within five years.
The reserve premium prices for these plots, which range in size from 3,400 to 10,000 square meters, vary from Rs 20.10 to Rs 62.06 crore. The earnest money deposit (EMD) values for these plots are set between Rs 2 to Rs 6.3 crore.
Detailed information about the three plot categories available for e-auction is accessible on YEIDA's official website. To obtain the scheme brochure, prospective bidders will need to pay a fee of Rs 50,000, along with an 18 per cent GST.
Successful applicants allocated plots under this scheme will need to make an initial payment of 40 percent of the reserve premium price for their respective plot category to take possession.
The remaining 60 percent can be paid in ten installments over a five-year period.
In addition to the financial requirements, applicants must meet specific criteria. For a 3,400-square-metre plot, the individual or organisation should have a minimum net worth of Rs 15 crore, and the total turnover for the last three years and the current year should be at least Rs 30 crore. Similarly, for 5,000-square-metre plots, the minimum net worth is set at Rs 20 crore, and the minimum total turnover requirement is Rs 50 crore. For those applying for a 10,000-square-metre plot, the minimum net worth is Rs 50 crore, and the minimum total turnover should be Rs 100 crore.
To participate in the e-auction, applicants must register on the YEIDA Auction online gateway, which requires a fee of Rs 1,000.
They should also have substantial experience in hotel construction and provide a record of the star categories of hotels they have built, developed, and operated in India or abroad.
The e-auction process is designed to streamline the allocation of hotel plots, providing recipients with various facilities. Notably, those who secure land through this allotment are permitted to construct multi-story buildings with no specific height restrictions.
However, hotel structures exceeding 24 metres in height will require clearance from the Airports Authority of India (AAI). The master plan for the hotel development will be determined, considering all YEIDA's conditions.
