The Noida Authority is searching into plot auctions with bids exceeding 110 times the base price.

NOIDA: The Noida Authority launched an investigation into 14 applications in an e-auction for a residential plot scheme last week that quoted up to 110 times the base price. Officials stated on Tuesday that the applicants either entered incorrect quotations or attempted to influence the auction.

The Noida Authority advertised 241 plots for auction, and 184 bids were received. Exorbitant rates were quoted to 14 of the 184 applications. One of the most notable applications was for a 450-square-meter residential plot in Sector 44B. Despite having a reserve price of Rs 9.3 crore, one of the applicants offered Rs 1,125 crore for the residential plot.

A 350-square-meter plot in Sector 44, meanwhile, drew a bid of Rs 49.7 crore with a reserve price of Rs 4.9 crore. For a 112.5-square-meter plot in Sector 105 with a reserve price of Rs 94 lakh, the highest bid was Rs 11.9 crore. When the quotations became public, a number of other applicants filed complaints with the Noida Authority, alleging that attempts were made to influence the plot e-auction process.

The Authority has now ordered an investigation into the 14 applications, according to officials. The 14 bidders’ earnest money – 5% of the reserve price of the plot – would be forfeited, according to the terms and conditions. If the bidders do not deposit the required amount, the money will be forfeited. At least ten of the fourteen applicants have now filed claims with the Authority claiming that the prices were entered incorrectly.

The plot is offered to the second-highest bidder if the highest bidder withdraws. The remaining 170 plots have received bids totaling Rs 636.1 crore against a reserve price of around Rs 492.1 crore, according to officials.” The highest bid we received among the 170 plots was approximately 126% of the reserve price. In total, the Authority received an additional revenue of approximately Rs 144 crore “a government official stated

The e-auction for the residential plot scheme took place from October 19 to October 21.