The slowdown in real estate that is pervading most of the country today has hit Noida pretty hard. Despite the best efforts of the Noida Authority, the city has failed to lure enough investors to bid for commercial plots that were up for grabs. Hoping to latch on to a bit of holiday cheer, the Authority had hoped to attract several investors to buy plots marked for commercial development, where the city hopes to build malls, shopping complexes and retail outlets. Instead, the Authority received what can be described as a less than lukewarm response. Noida was meant to act as a push towards urbanization. The trend continues today with excellent infrastructure in the city. The Yamuna Expressway, Noida-Greater Noida Expressway and DND Flyover are just some of the infrastructural marvels in the city. Noida also has a Film City that houses several news channels, media organizations and institutes offering media education.
Investor sentiment has reached a new low as not even a single bid was received for the commercial land in Noida Extension that were up for sale. The Noida Authority had declared that it would put 15 medium sized plots up for sale at a reserve base price of Rs 1.66 lakh per square meter. But unfortunately, not even a single investor seemed attracted to these commercial properties and a grand total of zero bids was registered. Not only is it a poor reflection of the current climate of real estate in Noida and elsewhere in the country, but it also means that a large amount of revenue that could have been generated from the auction of these plots in Yamuna Expressway Greater Noida. The Noida Authority had hoped to raise several hundred crores worth of revenue from the sale of commercial properties, but must now think of new ways to attract customers and rejuvenate buyer sentiment in the Noida region.
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