Unitech bags Rs 1,582cr Noida land deal

 Thirty-three applications had been sold by the Noida Development Authority, which owns the land, for the tender. The earnest money deposit was fixed at Rs 25 crore.

 The opening of the financial bids was been postponed amid protests by local traders against the stringent qualification norms for allotments.

 The major requirement is for bidders to have a turnover of Rs 500 crore. This is too high for individual players but paves the way for the heavyweights.

 Earlier titled NRI city, the project is now called Express Way. According to the land use guidelines, half of the 300 acre land can be used for residential constructions, 12 per cent for institutional and 18 per cent for recreational parks. The remaining 20 per cent is for roads that must be built in a public private partnership.

 The entire process is subject to a final decision from the Allahabad High Court, which is hearing petitions filed by smaller players who have been excluded from the bidding process because of the tough eligibility criteria.