Purvanchal, Arihant Group leading bidders in Yamuna Expressway ₹1,035-crore land deal

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Uttar Pradesh-based Purvanchal Projects bought 48,564 sq m of land for nearly ₹187 crore, while Eldeco group paid ₹172.5 crore for 45,751 sq. feet. For land parcels as large as 47,755 sq m, Delhi NCR-based Arihant Group paid ₹186 crore while Gaurs Group acquired the same amount at a cheaper rate, paying ₹167 crore. Other developers such as SG Estates Pvt. Ltd bought 20,235 sq m in sector 22D and Splendor Group acquired 16,188 sq m in Sector 18. 

Land prices

The reserve price per square meter in Sector 22D was between ₹32,375 and ₹35,612.50. Arihant group paid the highest premium of ₹5,087 per sq. m. SG Estate got the cheapest deal, paying ₹32,701 per sq. m, a premium of ₹326 per sq m. 

Developers have been eyeing the area due to its proximity to Noida International Airport, which is expected to start operations by April 2025. 

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"We have always been bullish about this region, especially with the rapid infrastructure development driven by the upcoming Jewar Airport, which is quickly transforming the Yamuna Expressway into a major hub for development," said Sarthak Gaur, director of Gaurs Group.

The area is not new to most developers. The Gaurs group had previously delivered a 250-acre township in the region. Eldeco and Purvanchal had also bid for another 5-acres and 10-acres of group housing plots in Sector 22 earlier this year.

New airport

There is massive demand in that market owing to the upcoming inauguration of Asia's largest airport and the supporting infrastructure, said Shiven Vikram Bhatia, executive director of Splendor Group. “Yeida also has plans for logistics parks, urban centres and more, all of which would augment the environment (in the area) for certain long-term growth."

“Yamuna (Expressway area) did not do very well in the last few years. Many people had either abandoned their projects or got their land size reduced because there was not enough traction in the market and the demand wasn’t great in the sector," Gaurav Gupta, secretary of Credai-NCR and director of SG Estates. Credai is a body of private sector real estate developers in India.

With the macro sentiment improving in the last two years, and the new airport coming up, people are again buying land for future projects, Gupta said. 

Three years ago, all the developers who were selling their apartment and land patches were struggling to sell. But over the last two years, there has been a huge demand because of the Noida International Airport.

A top official of proptech platform Square Yards agreed with this view. "Two years back the price of flats/residences in the area was around ₹4,000-4,500 per square foot but now over the last six months, the rates have doubled," said Ravi Nirwal, sales director and principal partner, Square Yards. "Specially in Sector 22. As of now, the rates are ₹8,000-9,000 per square foot."

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Emails and messages sent to Yeida, Purvanchal group, and Eldeco did not elicit a response. The demand for residential plots in the area has also improved in the past few years. 

Sector 22D Yeida flats

The registration for Yeida's Prime BHS flats in Sector 22D, which opened in August 2023, saw a massive response from home buyers. 

In just 24 hours of the launch, the housing scheme got about 3,089 applications for only 462 flats. Over 650 applicants even paid the registration fees of ₹4.23 lakh, Mint reported earlier. 

Yeida also held its largest lucky draw earlier this month, at the Indian Expo Centre in Greater Noida. The authority launched the plot scheme in July, offering 361 plots at ₹29,500 per square meter. Officials received nearly 200,000 applications, out of which 187,000 were eligible for the lucky draw, Hindustan Times reported earlier.