Finally, India’s biggest commercial land deal was done in Noida on Friday. So far Noida has not declared officially the name of the bid winner but sources said that the bid for commercial plot worth Rs. 6,500 crore has been made.
Three companies participated in the bidding process. Sources said that the bid was given to Wave Inc, a real estate firm owned by UP’s liquor baron, who was said to be the front runner from the beginning in the bid.
A Noida official said that this would be biggest commercial space of India. The space would have hospital, banks, and entertainment spaces. The layout plan of high-rise building constructed at the site would be designed by developer under the supervision of Noida.
The authority sold about 162 hectares (6 lakh sqm) of land comprising two entire Sectors (32 and 25A). On Thursday, three real estate firms— Wave, Amrapali and 3C— participated in the bidding and submitted their proposals. The technical bid process of the land plots was completed on Monday.
For a long time, the fate of the major plots at City Centre in Sector 32 was hanging in balance as the land sale project was put in cold storage. However its fate was sealed at a recent Noida board meeting on February 25. At the meeting, the members passed a resolution to sell the major land plots.
According to experts, the cost of total 6 lakh sqm land is estimated around Rs. 7,000 crore. Notably in 2008, the Noida reportedly got Rs. 5,000 crore after selling land in Sector 94. On February 27, three private players in development sector applied for the land. The proposal will now be moved by the consultant company of Noida.
However, Noida is in no mood to compromise with the greenery in this project. According to Noida sources, 24 per cent of 6 lakh sqm land has been reserved for green belt. Parking of 2,500 cars will also be built under this project near City Centre Metro Station. Half of the project money will be contributed by Noida and the developer will pay the rest.
