Lucknow, Nov 2: The new plot allotment scheme launched by Yamuna Expressway Industrial Development Authority (YEIDA) is set to boost the setting up of hotels in Greater Noida with three different categories of hotel plots to be allotted in Sector 28.
The allotment of plots will take place through e-auction. With its proximity to Jewar Airport, these plots offer an excellent location for hoteliers to establish both budget and premium hotels.
YEIDA launched this new scheme on Wednesday and the deadline for submitting an application for plot allotment is November 20. The plots will be given to the selected bidders by the Uttar Pradesh government on a lease of 90 years.
Hotel builders acquiring land through e-auction will have to complete the first phase of work within three years while the entire project will have to be completed within 5 years. It may be noted that the reserve premium price of these plots having an area of 3,400, 5,000 and 10,000 square meters has been kept between Rs 20.10 crore to 62.06 crore, while the EMD value of these plots has been fixed between Rs 2 to 6.3 crore.
The brochure containing details regarding the three types of plots, which will undergo the e-auction process, is available for download on the official website of YEIDA. To obtain the scheme brochure, a bidder will be required to pay a fee of Rs 50,000, plus an 18 per cent GST.
Applicants who will be allotted plots through this scheme will have to pay 40 per cent of the reserve premium price of the respective plot category to get possession. The remaining 60 per cent can be repaid in 10 installments over five years.
Additionally, the minimum net worth of the person or organization applying for a 3400-square-meter plot should be Rs 15 crore. Also, the minimum total turnover as per the last three years and the current year should be Rs 30 crore.
Similarly, for plots of 5,000 square meters, the minimum net worth should be Rs 20 crore and the minimum total turnover should be Rs 50 crore. Similarly, the person or organization applying for a plot of 10,000 square meters should have a minimum net worth of Rs 50 crore and a minimum total turnover of Rs 100 crore.
Additionally, to participate in the e-auction, applicants will have to register on the YEIDA Auction Tiger online gateway for which the price has been fixed at Rs 1,000. At the same time, the applicants should have adequate experience in the field of hotel construction and they will also have to show which star categories of hotels they have built, developed and operated in the country or abroad.
This e-auction process will streamline the allocation of hotel plots, providing recipients with all kinds of facilities. Notably, those who secure land through this allotment are permitted to construct multi-story buildings on their plots, with no specific height restrictions. However, hotel structures exceeding 24 meters in height will require clearance from the Airports Authority of India (AAI).
