E-Auction For 442 Residential Plots in Noida Begins
The online bidding process for the sale of 442 plots in Noida has started on December 13, and will be held till December 21, with the auction for each plot held separately. In the sale process that was started by the Noida Authority on November 13, 505 property seekers submitted their application to buy plots which are located in sectors 12, 31,33, 39, 47, 48, 49,51, 52, 55, 70, 72, 93B, 99, 100, 105 and 122 of the city.
Up for grabs are land parcels in four sizes. While the minimum size of a plot is 120 square metre or sqmt (1,291 in square foot or sqft), the biggest plot would measure 450 sqmt (4,843 sqft). The other two sizes in which plots are available are 250 sqmt (2,690 sqft) and 300 sqmt (3,229 sqft).
The online bidding will take place on https://property.etender.sbi/SBI/ in two time slots, one between 11am and 1pm and other between 3pm and 5 pm. With the process going online for the first time, people from across the country can participate in the bidding process.
What is the starting price?
While the minimum sale price for these plots would be based on the prevalent circle rates in the areas, the highest bidder would be awarded the land parcels. Among the sectors where these plots are located circle range varies between Rs 40,000 per sqmt to Rs 1 lakh per sqmt.
The bidders will have to quote a price more than Rs 50,000 than the reserved price in case he is interested in buying plots of over 200-sqm size. In case of plots sizing less than 200 sqm, bidders will have to quote Rs 25,000 over the reserved price. Bidders will be able to see the price quoted by other bidders, and the plot would go to the highest bidder.
According to officials, this could be the last time the Noida Authority would hold a plot auction since there are no fresh land parcels left for development. These plots remained unsold in previously held auctions. “If all these plots are sold through e-bidding, the authority will not come up with any new residential plot scheme,” Noida Authority Officer on Special Duty Rajesh Kumar was earlier quoted in Hindustan Times as saying.
How to participate in e-auction
*Login with your registered email ID and password set by you during registration process.
*Click 'Auction' on left hand side and choose 'Search Auction'. You can search auction with auction ID. Once you find the relevant auction, choose, 'Click Here To Bid'.
*Agree to the terms and conditions after checking the details.
*Verify details before start bidding such as time remaining, starting price, increment, next possible bid etc.
*Start the bidding from the auction start price or with one increment or multiple of increment. You need to enter your amount in 'Rate per sq mtrs in Rs' column. Verify your entered amount in Words and click on 'Bid' Button if your entered amount is ok .
*Accepted bid will be shown on screen. Fill in the amount and enter next possible bid in the “Rate in Rs” column and click on Bid.