Land Acquisition by Eldeco and Purvanchal
Breaking News Eldeco Infrastructure and Properties, along with Purvanchal Projects, has recently made significant land acquisitions from the Yamuna Expressway Industrial Development Authority (YEIDA) for a total of Rs 250 crore. This transaction involves two plots designated for group housing projects near the upcoming Eldeco Sector 22D Yamuna Expressway Noida International Airport.
Details of the Acquisition
Land Parcels Acquired:
Eldeco purchased a plot measuring 20,000 square meters for Rs 96.86 crore.
Purvanchal acquired a larger plot of 40,000 square meters for Rs 149.57 crore.
Purpose of Acquisition: Both developers plan to utilize these parcels for constructing group housing projects, Breaking News Eldeco which will likely include high-rise buildings aimed at meeting the increasing demand for residential space in the vicinity of the new airport.
Auction Process: The land was sold through an e-auction process conducted by YEIDA, where bids were placed against a reserved price. The highest bidders secured the rights to these plots, reflecting a competitive Residential Plots in Yamuna Expressway interest in real estate development in this rapidly urbanizing area due to the airport’s impending operation.
Context and Future Plans: The Noida International Airport is expected to significantly boost local economic activity, with projections indicating that around 300 manufacturing units will become operational within a year after its opening. This anticipated growth is driving demand for residential properties, prompting developers like Eldeco and Purvanchal to invest in land now.
Financial Backing and Expansion Plans: Eldeco has also been active in acquiring additional land parcels across various locations including Gurgaon and Greater Noida West, indicating a broader strategy to expand its portfolio and capitalize on emerging markets. Their recent funding rounds have raised substantial capital aimed at supporting these developments.
Eldeco and Purvanchal’s acquisition of land from YEIDA not only represents a significant financial investment but also aligns with Eldeco Yamuna Expressway strategic planning to cater to future housing demands driven by infrastructural developments like the Noida International Airport.
