The Yamuna Expressway Industrial Development Authority (Yeida) has received 20,000 applications for 550 residential plots and 4,200 applications for nearly 400 industrial plots of different categories as it pushes for development around the upcoming Noida International Airport.
The authority will allot the plots through a lucky draw and is expected to generate revenue of about Rs 1,000 crore from the sale.
Prices of the plots range from Rs 11 lakh to Rs 6.6 crore, and the highest number of applications (10,000) have been received in the 120 square metres category, in which only 117 plots are being offered.
“The number of forms suggests there is a huge demand for both residential and industrial development near the airport. The residential development is in sync with the commercial and industrial development,” said Arun Vir Singh, CEO, Yeida.
The authority has not received much response for the larger residential plots. Only six applications have been received for 11 plots of 4,000 sq metres on offer and two for 2,000 sq metres while 16 plots were on offer in this category.
“In the industrial segment, 3,851 applications have been received under the MSME (micro, small and medium enterprises) category while the rest are for the toy and furniture park. We have reserved some plots for the startup category to promote new businesses,” said Singh.
Residential plots are priced at Rs 16,500 per sq metre while the industrial plots are priced at Rs 6,500 sq metre.
Land prices around Yamuna Expressway have surged since the signing of agreement for development of the Jewar airport and approval of a film city.
Yeida has set a target of revenue of Rs 3,000 crore for 2021-22 amid a surge in demand for industrial, commercial and residential plots near the international airport.
Revenue jumped to Rs 2,200 crore in 2020-21 from Rs 1,200 crore in the previous year.
The Uttar Pradesh government is creating land banks along the Yamuna Expressway in the National Capital Region and is in talks to create a toy manufacturing hub and an MSME and apparel park near the upcoming airport.
The state government recently approved a 700-acre electronic city near the site of the airport, which is expected to give a further boost to real estate demand in Noida.