Tiny Noida kiosk sold for Rs 45 lakh

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NOIDA: A commercial property in Noida sold very high on Wednesday with the auctioning of a kiosk by Noida Authority at a cost of Rs 1.4 lakh per square feet. As many as 26 shops were auctioned off at a total cost of Rs 18.50 crore.
Noida Authority OSD Manoj Rai said this kiosk in Sector 1 with an area of 30 sq ft was sold for Rs 45 lakh.

Experts said Noida has left behind Delhi and Mumbai when it comes to commercial property rate. “The tentative market value of commercial (retail) property in Khan Market is Rs 1.35 lakh, while in Connaught Place’s inner circle, it is nearly Rs 1.10 lakh per square feet. In Mumbai’s Linking Road, commercial property costs Rs 1 lakh per square feet, while in Colaba Causeway, the cost is Rs 96,000 per square feet,” said Amit Mavi, director, BOP.

This means that just to meet the opportunity cost of the kiosk, it should earn a rental of Rs 45,000 per month – Rs 1,500 per sq ft per month. A shop in Khan Market has the same rental value. But director (commercial property ) of Cushman and Wakefield Jaideep Wahi said the comparison is not fair as the average size of a shop is around 300 sq ft in Khan Market.

Noida Authority general manager (commercial) Vipin Gaur said they received a lot of interest for the others shops too. “The reserved price of some shops was Rs 43 lakh, but we received tenders of up to Rs 1 crore,” Gaur said.
He added that 106 shops in various sectors of Noida were listed for auctioning. “The buyers showed maximum interest in the Sector 53 market. A total of 13 shops of 26 were in Sector 53, and we received 170 bids,” Gaur said.



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