Goa's GIDC plans new auction for Verna commercial plots

18 Jun 2024 CW Team

The Goa Industrial Development Corporation (GIDC) expressed dissatisfaction with the bids received for the commercial plots at Verna Industrial Estate, which had been put up for lease via an e-auction. Consequently, they announced their intention to conduct a fresh auction.

Additionally, the GIDC has initiated the process to issue allotment letters for the 16 industrial plots that were auctioned in March.

According to GIDC managing director Pravimal Abhishek, "We auctioned three commercial plots, one designated for a hotel and the other two for generic commercial use. The generic plots fetched good prices, with the highest bid reaching Rs 25,300 per sqm. However, the bid for the hotel plot was around Rs 8,600, which we deemed unreasonable. Therefore, we decided to cancel the auction and plan a re-auction."

The commercial plots at Verna Industrial Estate range from 2,000 sqm to 5,100 sqm.

The corporation's decision to conduct an e-auction for the industrial plots proved successful, resulting in revenue of Rs 1.56 billion. Despite announcing the e-auction before the elections, the issuance of allotment letters was delayed due to the model code of conduct.

"We refrained from approaching the Election Commission and chose to await the conclusion of the polls," Abhishek explained.

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..