Ghaziabad Development Body earns Rs 580 million from property auctions
Real Estate

Ghaziabad Development Body earns Rs 580 million from property auctions

The Ghaziabad Development Authority (GDA) achieved a record single-day revenue of Rs 580 million by auctioning 23 properties across various housing schemes, including Indirapuram Extension. Most of the auctioned properties were residential plots, with 14 plots from the Karpuripuram scheme alone raising Rs 182 million. Additionally, the Indirapuram housing scheme brought in Rs 379 million through the auction of two commercial and three residential plots, according to Pradeep Singh, GDA's additional secretary.

Other residential plots auctioned from schemes in Govindpuram, Radhakunj, Shastri Nagar, and UP Border generated revenues of Rs 5.72 million, Rs 14 million, Rs 20 million, and Rs 2.1 million, respectively.

“This revenue boost will help us build financial reserves for the Harnandipuram township project,” Singh stated. Indirapuram Extension, one of GDA’s latest projects, spans 30,000 square meters and is divided into 47 residential and three commercial plots.

In August, GDA’s board approved a plan to subdivide the Indirapuram Extension land into smaller plots, setting circle rates at Rs 95,000 per sqm for residential and Rs 115,000 per sqm for commercial properties. The authority aims to generate over Rs 2.85 billion from this scheme.

The success of recent auctions also bodes well for the Harnandipuram township, which will cover 521 hectares with an estimated development cost of Rs 100 billion.

(ET)

The Ghaziabad Development Authority (GDA) achieved a record single-day revenue of Rs 580 million by auctioning 23 properties across various housing schemes, including Indirapuram Extension. Most of the auctioned properties were residential plots, with 14 plots from the Karpuripuram scheme alone raising Rs 182 million. Additionally, the Indirapuram housing scheme brought in Rs 379 million through the auction of two commercial and three residential plots, according to Pradeep Singh, GDA's additional secretary. Other residential plots auctioned from schemes in Govindpuram, Radhakunj, Shastri Nagar, and UP Border generated revenues of Rs 5.72 million, Rs 14 million, Rs 20 million, and Rs 2.1 million, respectively. “This revenue boost will help us build financial reserves for the Harnandipuram township project,” Singh stated. Indirapuram Extension, one of GDA’s latest projects, spans 30,000 square meters and is divided into 47 residential and three commercial plots. In August, GDA’s board approved a plan to subdivide the Indirapuram Extension land into smaller plots, setting circle rates at Rs 95,000 per sqm for residential and Rs 115,000 per sqm for commercial properties. The authority aims to generate over Rs 2.85 billion from this scheme. The success of recent auctions also bodes well for the Harnandipuram township, which will cover 521 hectares with an estimated development cost of Rs 100 billion. (ET)

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?