The Greater Noida Industrial Development Authority is coming up with yet another residential project with hopes of selling around 1,800 plots at Sector 1 in Greater Noida. The scheme offers plots in three sizes -- 120 sq yards, 200 sq yards and 250 sq yards. These plots would come at the rate of Rs 10,000 per sq yard and applicants would be chosen from a draw of lots.

“A formal announcement about the scheme is expected to be made around October 25,” a senior official of the development agency told Financial Chronicle on conditions of anonymity. He said since the plots are located close to Ghaziabad and Noida, the project is expected to see a lot of investor interest. “We wish to cash on the renewed interest of investors and end users who, of late, have begun to invest in properties in Greater Noida.”

The official added that the booking amount for 120-sq-yard plots would be around Rs 125,000, while it would be Rs 150,000 for the 200-sq-yard plot. The booking amount for the 250-sq-yard plots will be Rs 2 lakh.

Successful allottees would be required to deposit the booking amount on allotment of the plot, while the remaining amount can be deposited in annual instalments to be paid over five years.

“The successful sale of our earlier schemes shows that end users and investors consider a plot at Greater Noida as an attractive option. We are quite confident that the present scheme too would be a hit with people,” the official said. Easier access to Noida and Ghaziabad has also prompted a lot of people to put in applications.