representative image Noida: Around 1.9 lakh applicants will be part of the draw for allotment of 361 residential plots. Yamuna Expressway Industrial Development Authority ,Yeida) near Noida International Airport,
The draw will be held on Thursday at the India Expo Center in Greater Noida.
Interest in plots near and along the airport Yamuna Expressway This has increased rapidly after the foundation stone laying ceremony of the airport in November 2021.
An average of 518 applicants have applied for each residential plot.
YEIDA’s latest scheme, launched in July this year, covers residential plots in Sectors 16, 18, 20 and 22D. Plot sizes range from 120 sq m to 4,000 sq m, and are priced at Rs 29,500 per sq m.
The YEIDA scheme, launched last year for 1,184 plots, had attracted around 1 lakh applicants. In 2022, an increase in demand was seen for the first time, with the authority receiving 64,000 applicants for 477 plots.
Response to the plans was slow before the end of 2021, mainly due to the considerable distance from Noida and Greater Noida.
“The scheme has generated substantial interest among the applicants primarily due to its strategic proximity to the upcoming Noida International Airport, which is set to significantly enhance the real estate market of the area. Apart from the airport, the film Several major projects will be started, including the Semiconductor Park and Japanese City, the Korean City, Software Park and the Medical Device Park, Eros Group Director Avnish Sood said on Wednesday.
Sood said this interest in residential plots was also due to “competitive pricing”.
“Additionally, the infrastructure and connectivity projects planned in the area are likely to increase interest among home buyers and investors in the area,” he said.
One of the applicants told TOI that one of the major reasons for adopting the scheme was pricing.
He said, “It is difficult to find such low prices in NCR. Secondly, the presence of Noida airport and other projects nearby along with Yamuna Expressway has made it an attractive investment. If allotted, it would be a great fit for my family. Would be an asset.”
According to official figures, 202,235 applications were received for the scheme. Of these, 187,000 opted for lump sum payment and 14,374 opted for instalments.
The highest number of applications received were for 120 square meter plots (67,197), followed by 300 square meter (59,163) and 162 square meter (44,181). Another 9,777 applicants opted for a 500 sq m plot, 3,658 for 1,000 sq m, 2,512 for 200 sq m and 1,089 for a 4,000 sq m plot.
YEIDA officials on Wednesday said that in view of the overwhelming response, applicants opting for installments for payment will not be considered as this priority was specified in the scheme brochure.
Of the applicants, 264 had submitted multiple applications and 20 were rejected after their applications were surrendered.
On Thursday, 1% of the applicants (about 1,900) will be present at the Expo Centre, where the draw will take place.
Rest of the people can watch the live telecast of the draw on social media. The draw will be conducted under the supervision of three retired judges of the High Court. Unsuccessful applicants will get their registration amount back within 72 hours.
