The Greater Noida Industrial Development Authority (GNIDA) has successfully auctioned three plots for residential development, raising Rs 521 crore—double the reserve price of Rs 262 crore. The auction marks a significant boost for the region's real estate market.According to The Economic Times report, Eldeco Infrastructure and Properties Ltd emerged as the top bidder, securing the largest of the three plots, a 30,470 sq m land parcel, for Rs 286 crore, surpassing the reserve price of Rs 187 crore. The second plot, measuring 16,276 sq m, was jointly acquired by Prasu Infrabuild and Divyansh Infraheight for Rs 154 crore, against a reserve price of Rs 91 crore. Purvanchal Projects won the smallest plot of 3,999 sq m for Rs 79.65 crore, significantly higher than the reserve price of Rs 23.97 crore.

This auction follows the recent acquisition of three land parcels by Godrej Properties and Sobha in a GNIDA e-auction, reflecting heightened interest in the Greater Noida region. GNIDA had previously auctioned five land parcels for a reserve price of Rs 738 crore, selling them for a combined total of Rs 1,500 crore.The report added that the Eldeco Infrastructure has been actively acquiring land across strategic locations. Recently, the company secured a 20,000 sq m plot near the upcoming Jewar airport in Noida for Rs 96.86 crore and has acquired additional plots in Gurgaon’s Sector 80 and Greater Noida West.The company also raised Rs 350 crore in funding from HDFC Capital Advisors Limited, boosting the joint platform's corpus to Rs 850 crore. The platform aims to generate Rs 8,000 crore from 17 residential projects, focusing on holiday destinations and tier-2 cities.