Lucknow Development Authority (LDA) is going to put auction of land parcels that are most attractive to the city residents at Gomti Nagar Extension and near 1090 Chauraha (a very busy intersection) to carry out projects such as group housing, commercial development, and hospital activities. The e-auction process will kick off on December 15, and the officials anticipate a strong participation of the top developers and investors.
According to the LDA officials, the auction comprises luxury plots that have great road access, are located close to the well-established residential and commercial areas, and have been planned with greenery - all these factors greatly increase their market worth. The Authority is of the opinion that the supply will not only help the planned urban development get a lift but will also be able to meet the growing demand for residential and commercial infrastructure in the capital of the state.
LDA Vice-Chairman Prathamesh Kumar said that The Authority has earmarked 43.051 acres of land for group housing and commercial development in the area behind the Police Headquarters in Sector-7, Gomti Nagar Extension. The point to be noted here is that the LDA Board has approved the area's layout plan, and 15% of the total area has been reserved for parks and gardens, thus making the development ecologically friendly.
By the sale of the auction, LDA intends to provide some nice opportunities for real estate projects in Gomti Nagar Extension, including 11 group housing plots of various sizes (ranging from 5,295 square metres to 11,934 square metres). These construction sites have a starting price set at ₹80,633 per sqm. Besides that, one commercial plot of 7,180 square metres would be sold through an auction at a starting price of ₹82,864 per square metre. Insiders also point out that, on the one hand, the huge size of the plots and, on the other hand, the modern surrounding infrastructure create perfect conditions for residential complexes with a possible commercial component of the mixed-use projects.
Moreover, LDA will put up for auction five commercial plots and one hospital plot near 1090 Chauraha in Vipin Khand for sale. The Vipin Khand is one of the most crowded commercial corridors of Lucknow. The commercial plots span from 51 square metres to 11,175 square metres while the reserved prices vary between ₹1,18,855 and ₹1,28,230 per square metre. Meanwhile, the hospital plot, which is 1,615 square metres, is reserved at ₹97,413 a square metre.
The officials also mentioned that the extremely advantageous position of the hospital plot and the fact that it is surrounded by densely populated residential and commercial areas, among other things, may make the healthcare providers most willing to set up there in pursuit of an expansion of their business units in Lucknow.
Moreover, LDA intends to sell two group housing plots in Dalibagh through the auction. The plots are located on Butler Palace Road. The areas of these plots are 2,026 square meters and 2,097 square meters, respectively, and have been set at 88,334 rupees per square meter as a reserve. The region is said to have been witnessing a high demand for housing, and the officials have referred to the strong turnout of the residential projects launched nearby as evidence of that.
The process of electronic bidding will take place through the LDA official portal. Moreover, those willing to submit bids can register online from 15th December onwards. Officials also said that the sum total of these (prime) locations, competitive reserve prices, and roaring market demand makes this auction the biggest single opportunity for developers and investors in Lucknow this year.
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