September 23, 2021 3:28:59 am
In a first, the Rajkot Urban Development Agency (RUDA) organised an open auction of 11 plots in RUDA Transport Nagar on the outskirts of the city on Wednesday. The auction generated Rs 4.98 crore in revenue, Rs 45 lakh higher than the upset price of Rs 4.53 crore.
RUDA has set a target of generating Rs 50 crore in revenue by monetising various land parcels. Accordingly, it had announced an open auction for the 11 plots in RUDA Transport Nagar, a transit hub near Anandpar village on the eastern outskirts of the city.
The plot size varied from 69.29 sq metres to 312.32 sq metres, with the upset price in the range of Rs 16.20 lakh to Rs 62.70 lakh.
“This was for the first time that RUDA conducted an open auction for the sale of plots. To date, RUDA used to invite bids in sealed covers. But changed it to open auction for better valuation and transparency,” Chetan Ganatra, chief executive authority (CEA) of RUDA, said.
“A total of 37 bidders, including private firms and individuals, participated in today’s auction. We managed to auction off all the 11 plots and cumulatively generated Rs 4.98 crore, around Rs 45 lakh higher than the upset price of Rs 4.53 crore. We are happy that all the plots attracted at least two bids and managed to sell them above and over the upset price,” he added.
RUDA was created in 1978 for facilitating the planned development of Rajkot city. Currently, Rajkot municipal commissioner Amit Arora holds the additional charge of RUDA chairman.
The 11 plots cumulatively measured 2,145.7 sq metres. Ganatra said a 273.69 sq metres plot, which had road access from three sides, with an upset price of Rs 56.70 lakh was auctioned off for Rs 72 lakh after a bidding war. “Overall, the prices are satisfactory given people are still coming out of the effects of Covid-19 and the general sentiment in the market and industries,” the CEA said.
Bharat Kathrotiya, assistant manager in the estate department of Rajkot Municipal Corporation, and his team also assisted RUDA in conducting the auction. “We still have four more plots in RUDA. But all of them have upset prices higher than Rs 1 crore. We are planning to conduct an e-auction for selling them off,” Ganatra added.
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