Lucknow Development Body Generates Rs 4.50 Bn from E-auction

13 Jan 2025 CW Team

The Lucknow Development Authority (LDA) raised over Rs 4.50 billion from its latest e-auction, with properties attracting bids that were more than three times their reserve prices. The auction, held on January 7, followed a registration period from November 11, 2024, to January 3, 2025, and saw the sale of 59 out of 325 properties.

Among the highlights was a plot in Gomtinagar Extension's Sector-4, initially valued at Rs 10.33 million, which sold for Rs 40.48 million. Another notable sale was a Rs 1-billion group housing plot near Rashtriya Prerna Sthal in Basant Kunj, which is expected to promote significant residential development. Fine-dine plots within the CBD scheme also saw high demand, with one selling for Rs 150.35 million.

Additional Secretary Gyanendra Verma noted that there was strong demand for commercial plots, which sold for 20–25 per cent above their reserve prices. He also pointed out that the transparent process demonstrated the LDA's capability to attract buyers and foster development in Lucknow. LDA Vice Chairman Prathamesh Kumar highlighted that the auction's success could be attributed to effective promotional efforts, site visits, and a streamlined single-window system for prompt approvals and allocation letters.

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