Published On:December 5 2020
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Noida Metro Rail Corporation expects Okhla land auction to fetch close to Rs. 800 crore.

Noida Metro Rail Corporation (NMRC), is expecting to earn close to Rs. 800 crore from the auction of a prime land parcel in sector 94, near the Okhla bird sanctuary metro station.

Noida authority, recently, approved the process of e-auction of the land parcel with a reserved price of Rs. 789 crore.

“The land parcel can be used for development of commercial land use and any other activity permitted in the Master Plan of Noida. Noida authority has approved the e-auction through the revenue department of the authority under the regulations of Noida convention and habitat centre,” said a Noida authority official.

March 2019, NMRC had issued tender to monetise the land parcel but in December 2019, it wrote to the Noida authority, requesting to facilitate the e-auction.

The 44,151 square metre land is next to the existing Okhla Bird Sanctuary Metro Station, where realty developer Supertech is executive NCR’s tallest residential building.

The reserve price for the auction is Rs. 178875 per sq metre.

NMRC’s elevated metro line between Noida and Greater Noida is operational from January 2019.

“It is acknowledged for successful operationalization of the project, it is essential for the project to be self- sustainable by implementing innovative revenue enhancement options and project structuring among others,” said a NMRC official.

“Globally, most transport systems have adopted innovative methods to finance the project through innovative commercial property development projects. As part of the mandate, NMRC undertakes to provide sustainable additional revenue to the corporation and incentives for private sector participant developer,” the official said.

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