Noida authority auctions land parcels to Godrej Properties, VRC construction

Noida authority has auctioned two land parcels for residential projects in sector 151 to Godrej Properties and VRC construction, generating Rs 666 crore.

The authority had kept a reserve price of Rs 245.74 crore for a 20,050 square metre plot.

“VRC construction has emerged as the highest bidder for one of them for Rs 334.21 crore while Godrej Properties has paid Rs 331.75 crore,” said a Noida Authority official.


Earlier, NCR-based realty developer County group had bought a five-acre plot in Sector 151, Noida for around Rs 473 crore and Experion Developers had acquired a 5-acre land parcel for Rs 450 crore.

The opening of Noida International Airport at Jewar is acting as a powerful multi-sector demand driver.

Noida Expressway has emerged as a rapidly growing residential hub thanks to infrastructure development and connectivity to Delhi and other parts of the NCR including the upcoming airport in Noida, besides the upcoming campus of Tata Consultancy Services (TCS) nearby.

In recent past, developers such as M3M India, Max Estates, Hero Realty, Eldeco and Bengaluru-headquartered Sobha have acquired land through auction in Noida and Greater Noida.

Plot and apartment values likely to rise by 28% and 22%, respectively, over the next two years, near the upcoming Noida International Airport, according to Square Yards.

Apartment prices have nearly tripled over the past five years, while plot values have risen by an average of 1. 5x, with select micro-markets witnessing up to 5x growth, reflecting strong investor-led momentum driven by infrastructure development.