NOIDA plot fetches higher than the one in Hong Kong and Thailand

November 28, 2006	(Be the first to rate this story!)  Loading ...
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A 136 sq metre plot in Sector 18, NOIDA has fetched a record price of Rs. 6.11 lakh per sq metre at an auction held on 27th November’2006. The plot is bought by Manoj Kumar Punjabi at a whopping price of Rs. 8 crore 31 lakh. The reserve price of the plot was only Rs. 4 lakh per sq metre.

Busting the previous record of commercial space in the township, this prohibitive plot is believed to have made the biggest leap that would come as an eye opener for the prices of property in the Delhi and other close by areas. Another plot that succeeded in attracting the second-highest bid was also a 136 sq metre plot at N-16, which was sold at the price of Rs 4.51 lakh per sq metre.

The other land plots went up for the auction were 96 sq metres and the 11 plots in all sold between Rs 3.81 lakh per sq metre (for plot N-24) and Rs 6.11 lakh per sq metre. The reserve price of these plots was ranging between Rs. 3.30 lakh per sq metre and Rs 4 lakh per sq m. NOIDA Authority has been able to earn Rs. 53.52 crore from the selling made at the auction.

Such a tremendous hike in prices of Noida’s plots marks the growing popularity of the place. Also, these prices are believed to be far higher than those in Hong Kong and Thailand, the pioneering real estate markets in Asia, says NOIDA Authority Manager (Commercial) LP Singh.

Often touted as the township’s Connaught Place in recent times, Sector 18 is believed to be the most sought after destination in Noida. Also, it is the most happening commercial place that boasts of a Mall, a multiplex and the Radisson Hotel. An entertainment city is on its way to come across the road soon.

News Published Under:   Real Estate India, Noida |

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