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Yeida launches new plot allotment scheme for hotel plots in Greater Noida

Priya Singh | 2024-03-09

Plots will be allotted in sector 28 through e-auction.
Under the new plot allotment scheme launched by the Yamuna Expressway Industrial Development Authority (Yeida) on November 1, 2023, three different categories of hotel plots will be allotted in Sector 28 through an e-auction. This is in line with Chief Minister Yogi Adityanath’s vision to enhance civic facilities in Greater Noida. The last date for applying for plot allotment is November 20, 2023.
The brochure containing details is available for download on the official Yeida website. To obtain the scheme brochure, a bidder will be required to pay a fee of Rs 50,000, plus 18% GST.

Selected bidders will be given the plots 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 five years.
The reserve premium price of these plots having an area of 3,400, 5,000 and 10,000 square meter (sqm) has been kept between Rs 20.1 to Rs 62.06 crore, while the earnest money deposit (EMD) value of these plots has been fixed between Rs 2 to Rs 6.3 crore.
Applicants who will be allotted plots through this scheme will have to pay 40% of the reserve premium price of the respective plot category to get possession. The remaining 60% can be repaid in 10 installments over five years.

The minimum net worth of the person or organisation applying for a 3,400 sqm plot should be Rs 15 crore. Another criteria is that 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 sqm, the minimum net worth should be Rs 20 crore and the minimum total turnover should be Rs 50 crore. Similarly, the person or organisation applying for a plot of 10,000 sqm should have a minimum net worth of Rs 50 crore and a minimum total turnover of Rs 100 crore.

To participate in the Yeida e-auction, applicants will have to register on the Yeida auction tiger online gateway. The participation price is Rs 1,000. Also, 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 India or abroad.
The Yeida e-auction process will streamline the allocation of hotel plots, providing recipients with various 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 m will require clearance from the Airports Authority of India (AAI). The master plan for the hotel development has to adhere to Yeida conditions.

The builders constructing the hotel will have to ensure ground clearance at 40% while parking space will be available for every two guest rooms. The value of the Floor Area Ratio (FAR) has been fixed at 3 in the entire project.
Furthermore, various types of charges have also been announced for preferential conditioning in determining the plots. Resultantly, the total preferential location charge has been fixed at 5% for corner plots, 5% for green belts and 15% in the form of roadside and corner.