Noida’s sector 28, which is in close proximity to the upcoming Jewar airport, is set to witness a significant transformation as it is poised to become a thriving hub for hotels, due to the new plot allotment scheme introduced by the chief minister Yogi Adityanath-led government.
This strategic move takes full advantage of the area’s proximity to the upcoming airport and aligns with the chief minister’s vision to enhance civic amenities. With three distinct categories of hotel plots up for allocation, this initiative is set to reshape the region’s hospitality landscape.
The allotment process will be conducted through e-auctions, presenting a golden opportunity for investors to establish both budget and premium hotels near the eagerly awaited Jewar airport.
Yamuna Expressway Industrial Development Authority (YEIDA) unveiled the scheme on Wednesday, and the application deadline for plot allotment is set for November 20. The Uttar Pradesh government will lease the plots to the selected bidders for a period of 90 years.
Those who will secure these plots through e-auctions are required to complete the first phase of their hotel construction within three years, with the entire project to be finished within five years.
Notably, the reserve premium price for these plots, which range in size from 3,400, 5,000, to 10,000 square metres, is set between Rs 20.10 crore and Rs 62.06 crore. The Earnest Money Deposit (EMD) values for these plots have been fixed between Rs 2 crore to Rs 6.3 crore.
Prospective applicants will need to meet specific criteria. The brochure detailing the three plot categories available for e-auction can be downloaded from YEIDA’s official website, for a fee of Rs 50,000, plus 18% GST.
Applicants who secure plots through this scheme will be required to pay 40% of the reserve premium price for their respective plot category to gain possession, with the remaining 60% repayable in 10 instalments over 5 years.
Moreover, there are financial prerequisites for applicants. For a 3,400-square-metre plot, the minimum net worth for individuals or organisations applying should be Rs 15 crore, with a minimum total turnover of Rs 30 crore over the last three years and the current year.
For plots of 5,000 square metres, the minimum net worth is set at Rs 20 crore, with a minimum total turnover requirement of Rs 50 crore. Meanwhile, those applying for a 10,000-square-metre plot must have a minimum net worth of Rs 50 crore and a minimum total turnover of Rs 100 crore.
To participate in the e-auction, applicants must register on the YEIDA Auction Tiger online gateway, with a registration fee of Rs 1,000. Applicants are also required to demonstrate their experience in the field of hotel construction, specifying which star categories of hotels they have built, developed, and operated in India or abroad.
Notably, those who secure land through this allotment are permitted to construct multi-story buildings on their plots, without specific height restrictions. However, since the plot locations will be close to the upcoming airport, hotel structures exceeding 24 metres in height will require clearance from the Airports Authority of India (AAI). Additionally, it was noted that a hotel’s master plan must adhere to all the conditions set by YEIDA.
Construction regulations stipulate that builders must ensure a ground clearance of 40%, and parking space should be available for every two guest rooms.
To further incentivise specific plot conditions, various charges have been introduced. This includes a total preferential location charge of 5% for corner plots, an additional 5% for green belts, and 15% in the case of roadside and corner plots.
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