Bids have been invited by the Noida Authority To set up nine hotels nears the Taj -Agra expressway. The authority has a plan to set up three 5-star, four 3-star, and two 4-star hotels in this project.
This bid is going to open on April 24 with a reserve price fixed by the authority of 77,000 rupees($1,919) a square meter (10.76 square feet). The plots for five-star hotels have an area of 24,000 sq meter.
As the economic growth and rising salaries of individuals and companies are on the boost, demand for the houses, hotels and offices are expanding as well. The NCR regions of New Delhi such as Noida, Gurgoan, Ghaziabad and Faridabad are expanding as the lower prices are attracting a lot of buyers.
Developers BPTP Ltd won a bid for 95 acres of land for shops and offices at Noida for 50.1 billion rupees earlier this month. They offered to pay 130, 207 rupees a sq meter as compared to the reserve prices set by the Noida Authority of 77,000 Sq Meter. India’s two biggest real estate companies such as DLF Ltd and Unitech Ltd developers announced to build houses along with hotels, shops and malls. DLF are planning to open 75 hotels in India in five years.