Realty developer M3M has emerged as the highest bidder for a 12.5-acre mixed-use land parcel in Noida's Sector 108, quoting around ₹1,850 crore, according to PTI.
The plot had a reserve price of ₹835 crore, meaning M3M's bid was more than twice the initial price.
DLF was also among the bidders for the parcel, while Godrej Properties had been shortlisted to participate in the auction. However, only M3M and DLF took part in Tuesday's bidding, according to PTI.
What is the total outlay?
According to a Moneycontrol report, M3M's total outlay for the parcel is expected to be close to ₹2,000 crore after including stamp duty and other government charges of nearly ₹150 crore.
The winning bid translates to nearly ₹147 crore per acre, highlighting the premium developers are willing to pay for large parcels in prime Noida locations.
The Sector 108 land parcel is designated for mixed-use development, comprising residential and commercial components, according to sources cited by PTI.
The Noida Authority had auctioned five land parcels, which together fetched more than ₹3,300 crore in the latest auction.
M3M, DLF, Godrej Properties in Noida land auction
M3M, DLF and Godrej Properties were shortlisted to bid for the Sector 108 parcel. Godrej Properties, however, did not participate in Tuesday's auction.
Godrej Properties had recently emerged as the highest bidder for a 4.95-acre residential land parcel in Noida's Sector 151 for ₹331.75 crore.
The proposed residential project on that parcel is expected to have revenue potential of more than ₹2,000 crore, according to Noida Authority officials.
M3M's latest win adds to a series of aggressive land bids in Noida. Moneycontrol reported that the developer had won a 23,570 sq metre commercial plot for more than ₹400 crore in January 2025, while Max Estates had won a 41,835 sq metre parcel for more than ₹700 crore.
