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Our Bureau

New Delhi , May 25

Noida Development Authority on Thursday rejected the reported claims of ICity Infrastructure that the consortium's higher bid of Rs 2,100 crore had been ignored, and said the process for awarding the 340-acre land deal was conducted "transparently".

"The financial bids of ICity Infrastructure were not opened as they did not technically qualify with regard to the minimum criteria, including net worth and requisite experience," Mr Ravindra Naik, Additional CEO of Noida Authority, said, adding that the land auction process was conducted in a transparent manner.

Unitech had outbid DLF Universal to bag the city development contract on Noida Expressway with an offer of about Rs 1,583 crore. Unitech had bid Rs 11,529 per sq.m for the project where 50 per cent of the land would be used for open area development and greenery and the rest for residential accommodation. Unitech plans to undertake a premium housing project on the land and hopes to finalise the exact product mix in the next six months. The construction on the site will begin by the first quarter of next year and is likely to be completed by 2010.

While Unitech is yet to announce the overall project cost, the same will be funded through a combination of internal accruals and debt.

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