New Delhi, May 24: Noida Development Authority today rubbished the Congress allegations that the 340 acre land, acquired by Unitech through bidding at Rs 1,583 crore, has been given away to the real estate giant at "throw-away" prices.

"The bids were conducted at real market prices," said Noida Authority CEO Sanjeev Saran, adding that the 340 acre land falls in sectors 96, 97 and 98, which are low density areas and residential construction could only be carried out in 50 per cent of the area.

The rest of the area was reserved for greens.

The real cost for the 340 acre comes to 30,000 per sqaure meter taking into account that only 50 per cent of the area is saleable.

Charging the Uttar Pradesh government with "giving away" 340 acre of land in Noida to Unitech for its single largest real estate development project at "throw away prices", Congress today said it has caused a huge loss to the state exchequer and demanded its cancellation.

"The bidding for plots in sector 96, 97, 98 of Noida was done on the direction of state government to benefit Unitech, the company which was declared defaulter by the Mayawati government earlier," UPCC spokesman Akhilesh Pratap Singh told reporters here.

Unitech pipped DLF to bag the 340-acre plot in Sector 96, 97, and 98 in Noida for Rs 1,583 crore. This is about Rs 11,500 per square meter.

"It's so cheap and the consumer loses out as they will get it at a higher price once the builder has developed it," said a real estate agent.

"It will be sold at a higher price as its located on the highway and near to the upcoming international stadium. The ongoing rate in the near by sectors is much higher," said another property dealer.

With the going rate in the area around Rs 30,000 per sq meter, the sale price is about 38 per cent of the market rate.

Fair pricing

But the Noida Development Authority feels the price is fair.

Unlike a 200-meter plot which is surrounded by ample infrastructure, the 340-acre plot comes without any infrastrucure.

As a result, as per the master plan 50 per cent of the 340 acres will be dedicated to development of residential property.

The remaining would be used for building schools, colleges, hospitals, recreational facilities and 20 per cent for roads.

"No one is taking into account that only 50 per cent of it can have residential and it can have a density of 250 people per hectare," said Sanjiv Saran, CEO, New Okhla Industrial Development Authority.

The average permissible density in most of Noida is 700-900 people. The limited density forces the builders to construct large high apartments and villas.