Noida may allot plots via draw of lots, interviews, not e-auction, ET RealEstate

October 9, 2023

NOIDA: The Noida and Greater Noida authorities held a hurriedly organised online board meeting on Saturday to discuss policies for allotting industrial plots. The CEOs of the two authorities, the industrial development commissioner in Lucknow and other senior officials attended the hour-long session.

Sources privy to the discussion said the board talked about plots that could be allotted through a draw of lots and interviews. The move comes a couple of months after the two authorities decided in their board meetings to scrap the process of e-auction of plots to ensure more transparency.

The Saturday meeting was held to discuss parameters for the allotment of plots, the sources said. In Noida, for instance, plots in phases 2 and 3 areas would be allotted through a draw, but those in phase 1 would be done via e-auction. Officials said they stuck to e-auction for Phase 1 because the number of plots was less.

Applicants will have to deposit 10% of the total premium upfront for registration. Those registering for large plots with an area of 4,000sqm can apply only once. The plots that will be up for grabs are in the range of 250-4,000sqm.

Applicants will have the option of paying the entire amount in a lumpsum within 90 days of receiving the allotment letter. They will be given a 2% rebate on the premium amount.

Others can pay 50% of the total premium within 60 days and the remaining, with interest, in six half-yearly instalments over three years.

The premium for each plot will be calculated in keeping with the prescribed allotment rate of that sector. If the money is not paid in time, the allotment could be cancelled. The registration fee – or 10% of the amount – would be confiscated.

Those applying for plots larger than 4,000sqm must participate in an interview. A list of 12 objectives, including financial capacity, proposed investment and technical experience, would be examined. The cut-off has been kept at 65% of the criteria.

Noida Authority CEO Lokesh M said they would soon come out with a policy to formalise the decisions taken at the meeting on Saturday.

  • Published On Oct 9, 2023 at 04:30 PM IST

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