Developers on land acquisition spree on Noida Expressway, Real Estate News, ET RealEstate

October 4, 2023

<p>File Photo</p>
File Photo

Land parcels part of Jaypee townships in Noida and Greater Noida have become a drawcard for various developers even as over 20,000 homebuyers are waiting for delivery of their homes due to the company’s insolvency.

Over the past year, companies such as Max, L&T, Gaurs, Saya, Paras, and Gulshan have purchased land valued at Rs 3,000 crore and initiated projects with revenue potential exceeding Rs 10,000 crore.

According to experts, the area has become the most prime real estate location in the NCR, with prices doubling in less than a year.

“While Noida has always enjoyed excellent infrastructure, it has now become very attractive due to a significant improvement in governance and the law-and-order situation. This has led to a quantum jump in demand for upper-end and luxury residential developments,” said Gaurav Kumar, Managing Director, Capital Markets and Residential Business, CBRE India.

“With the expected opening of the Jewar airport and the UP Government’s push to attract private sector investment, we expect a continued increase in the city’s intrinsic potential for urban development. The Noida story has finally come of age,” Kumar said.

Land parcels located along the highway primarily serve as sites for retail and office developments, while those within the Jaypee townships are being utilised for the construction of upscale residential properties.

“Many land parcels have come up on the Noida expressway and reputed developers are ready to pay the premium to acquire these land parcels. Due to the Noida airport, the region is witnessing price appreciation, and we will see more launches in the coming months,” said Sachin Arora, corporate director, Investors Clinic, a real estate consultancy.

Most of these land parcels are with the financial institutions that have taken over following the default by the builder.

Recently, Noida-based Gaurs Group acquired 18 acres of land in Sector 129 of Noida from a financial institution.

Last year, the Gaurs Group acquired a land parcel in Jaypee Greens for Rs 200 crore.

Earlier, Saya Homes acquired a stalled project near the Noida expressway by taking over IIFL’s Rs 350 crore debt in sector 129.

Max Group had also acquired a 4-acre land parcel from Axis Bank in an auction in Noida’s Sector 129 for Rs 220 crore.

Delhi-based real estate developer Paras Buildtech has acquired a 2-acre land parcel for Rs 91 crore from South Indian Bank at sector 129.

  • Published On Oct 4, 2023 at 08:00 PM IST

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