Tag Archives: commercial land

By selling 5.5 lakh square meters of land in FY25, Noida Authority hopes to raise Rs 3,700 crore

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According to officials, the Noida Authority projects that in the fiscal year 2024-2025, it will sell group housing plots for a maximum of Rs 1,080 crore and commercial land parcels for Rs 1,010 crore. 

According to people who know the situation, the Noida Authority intends to sell more than 500,000 square meters of land to raise more than Rs 3,700 crore in the 2024-2025 fiscal year.

According to their statement, different portions of the land will be allocated for group housing, commercial, industrial, institutional, and residential uses.

According to people who understand the [project, the authority will sell these plots through an online auction by putting up several schemes, and the land parcels are spread throughout the city.

“We will launch initiatives in different markets to e-auction various land lots. If everything goes according to plan, we intend to allot 5.5 lakh square meters of land in the current fiscal year, and by selling these plots, we hope to raise over Rs 3,700 crore,” report.

According to Authority officials, group housing plot sales are expected to bring in a maximum of Rs 1,080 crore, while commercial land parcel sales are expected to bring 1,010 crore in 2024-25. The Authority wants to sell land designated for industrial use to raise Rs 705 crore.

Similarly, according to officials, the Noida Authority hopes to raise Rs 650 crore from the sale of residential plots and Rs 315 crore from the sale of institutional plots. The statement also stated that the Authority intends to allocate vacant spaces in its residential buildings spread throughout the city to generate an additional Rs 35 crore in revenue for FY25.

The Noida Authority has set aside 1 lakh square meters for industrial use and 3.25 lakh square meters for institutional use with land volume. The Authority intends to set aside 35,000 square meters for institutional use with land volume. The authority plans to set aside 35,000 square meters for commercial land and 67,000 square meters for residential plots. Group housing plots will occupy up to 13,800 square meters of land.

Officials have stated that plans will soon be unveiled for group housing, commercial, institutional, industrial, and residential categories.

The Noida Authority allocated roughly 26,136.55 square meters for group housing and just 8,061 square meters for residential plots in the previous fiscal year (2023-24). The industrial category has been allocated approximately 44,000 square meters, while the commercial category has received roughly 35,000 square meters. 

The Noida Authority awarded the Mumbai-based developer Godrej Properties a 6.45-acre group housing plot in Noida Sector 44 in February of this year for a payment of Rs 506 crore. Plot distribution took place via an online auction. 

ICICI Bank and Sahara eye Parsvnath’s prime land in Delhi.

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Real estate major Parsvnath Developers may soon be able to reduce a significant chunk of its debt, thanks to certain corporate giants showing interest in buying a prime piece of property it owns in the national capital.

The Sahara Group is engaged in discussions with Parsvnath to buy its commercial land near Connaught Place in New Delhi, according to sources. ICICI Bank is also among the contenders for the piece of land, it is learnt.

The 1.18-acre plot at Kasturba Gandhi Marg was bought by Parsvnath in 2008 for about Rs 200 crore, with the aim of constructing a retail-cum-office complex. But the realtor is now looking to sell it to cut mounting debt, currently at Rs 1,300 crore.

Although the Parsvnath management is looking for a price of Rs 700 crore, the interested parties are ready to sign a deal at Rs 600 crore, sources said. Property consultant Jones Lang LaSalle is advising Parsvnath on the deal.

Pradeep Jain, chairman, Parsvnath Developers, did not respond to repeated calls and e-mails. Mails to Sahara spokespersons did not elicit any response.

An ICICI Bank spokesperson said, “ICICI Bank has no plans to acquire this property.”

According to sources, ICICI is exploring the possibility of constructing a corporate house in the locality in partnership with Parsvnath, without acquiring the land.

Earlier, as part of its fundraising exercise, the company had entered into various deals with private equity funds.

In January 2011, Parsvnath signed an agreement with SUN-Apollo India Real Estate Fund LLC for an investment of Rs 100 crore in its premium residential project at Ghaziabad—Parsvnath Exotica. SUN-Apollo had acquired 49.9 per cent stake in the project SPV.

Then, the company sold a minority stake in Delhi-based residential project Parsvnath La Tropicana to JP Morgan for about Rs 150 crore. Through the deal, the previous investor, Red Fort Capital, made an exit. The company had plans to construct an office complex at Connaught Place along with the PE firm.

According to realty experts, demand for land at prime localities has risen as corporate houses look to move their headquarters to such locations.

Anuj Nangpal, director-investment advisory, DTZ India, a real estate consultancy, said, “Organisations are increasingly signaling their arrival or resurgence by moving their presence into the centre of metros. The branding benefit of such ownership of prime real estate far outweighs the costs. Further, employees are also increasingly assessing their jobs and future basis of their office infrastructure and the pride in occupying prime real estate clearly impacts long-term retention.”

Earlier, Business Standard had reported on the discussions being held by textiles major Alok Industries with various large corporate groups to sell its property at Peninsula Business Park in central Mumbai. Alok was looking at a deal in the range of Rs 900-1,000 crore.

GMADA to start land pooling

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The Greater Mohali Area Development Authority will implement a land pooling scheme for three major projects.
Farmers whose land will be acquired for the road linking S.A.S. Nagar international airport with Zirakpur and Patiala, Kharar-Desumajra airport road stretch and Mullanpur Urban Estate will be able to avail benefits like owning a plot. Under the scheme, a farmer will be made owner of 50% of land after GMADA develops it into a residential, commercial or an institutional plot. For 1 acre of land, a farmer will be given a residential plot of 980 square yard and commercial plot of 121 square yard in the developed area. The GMADA will also pay rent to farmers till they are allotted plots. The collector will fix the rent.

GMADA wants to popularise the land pooling scheme and have launched an awareness programme. However, it won’t be binding on the farmers to toe the GMADA line. In case any farmer does not want to opt for the scheme, GMADA will pay him cash fixed by the Land Price Fixation Committee.

The GMADA had decided to acquire 771 acres of land to build 200-metre wide road from the international airport to a site near Chhat village on the National Highway 64. On both sides of the road, some area will be allowed for mixed land use, implying that people can run commercial activities.

The GMADA will acquire 260 acres for KhararDesumajra-airport road stretch and 444 acres for Mullanpur Urban Estate.
Notifications for two projects have been issued while that for Urban Estate will be done soon.