Ghaziabad Development Body earns Rs 580 million from property auctions

12 Nov 2024 CW Team

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)

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