Realty firm M3M emerged as the highest bidder for a mixed-use land parcel auctioned by the Noida authority, quoting around Rs 1,850 crore for a 12.5-acre plot in Sector 108, sources said on Tuesday.

The Sector 108 parcel had a reserve price of Rs 835 crore and attracted a strong interest, with DLF Ltd also participating in the bidding, the sources said. M3M‘s bid was approximately Rs 1850 crore, PTI reported.

The land parcel is designated for mixed-use development, comprising residential and commercial components, according to the sources.

The substantial premium fetched by the Sector 108 parcel highlights strong developer interest in strategically located mixed-use land in Noida, they added.

An M3M spokesperson declined to comment immediately, while the Noida authority was yet to announce officially the auction details.

DLF Limited, M3M Group and Godrej Properties were shortlisted to bid for this land parcel. However, in Tuesday’s bid only two of the groups participated.

Godrej Properties had recently emerged as the highest bidder for a 4.95-acre residential land parcel in Sector 151, Noida, for Rs 331.75 crore.

The proposed residential project is expected to have revenue potential of over 2,000 crore, according to Noida Authority officials.