Eldeco & Purvanchal Projects acquire group housing plots near Noida Airport

Eldeco Infrastructure & Properties Ltd (EIPL) and Purvanchal Projects Private Ltd have successfully won bids in an e-auction conducted by the Yamuna Expressway Authority for two group housing plots located near the upcoming Noida International Airport.

The Yamuna Expressway Industrial Development Authority (YEIDA) had put two group housing plots up for sale, one measuring 20,000 square meters (sqm) and the other 40,000 sqm. Eldeco secured the bid for the 20,000 sqm plot, while Purvanchal Projects acquired the 40,000 sqm plot. 

The two group housing plots are situated in sector 22D along the Yamuna Expressway, linking Greater Noida to the historic cities of Mathura and Agra. These plots were collectively sold by YEIDA for approximately Rs 246.44 crore. YEIDA is tasked with the development of regions along the Yamuna Expressway in Uttar Pradesh.

According to YEIDA officials, Eldeco and Purvanchal Projects emerged as the highest bidders for the 20,000 sqm and 40,000 sqm plots, respectively.

The 20,000 sqm plot had a reserve price of Rs.71.22 crore, whereas the 40,000 sqm group housing plot had a reserve price of Rs.142.45 crore. Eldeco submitted the top bid of Rs. 96.86 crore for the 20,000 sqm plot, while Purvanchal Projects submitted the highest bid of Rs.149.57 crore for the 40,000 sqm plot. YEIDA is expected to receive approximately Rs.246.44 crore from the sale of these plots located near Noida International Airport in Jewar.

There was no immediate response from Eldeco and Purvanchal Projects regarding the development. The report will be updated once a response is received.

YEIDA announced a scheme for six group housing plots near Jewar airport in April, with the bidding deadline set for May 20. However, due to lack of response from bidders, the scheme was extended for two weeks. During the extension period, two applications were received for two plots, leading to the e-auction of only two plots on July 12.

The last time YEIDA allotted group housing plots was in 2014. Since then, the Authority has granted plots to 13 real estate developers, who are currently constructing residential projects, including townships, along the Yamuna Expressway.

Eldeco Infrastructure and Properties Ltd, a member of the Eldeco Group, is a sister concern of Eldeco Housing and Industries Ltd, which is listed on BSE Ltd. Founded in 2000, EIPL initially focused on projects in the Delhi NCR region but has recently expanded into other areas as well.

Purvanchal Projects Private Ltd, a developer based in Delhi-NCR, was founded in 1994. The company has completed more than 32 projects in Delhi, Noida, and Greater Noida to date.