Lucknow Development Body Generates Rs 4.50 Bn from E-auction
ECONOMY & POLICY

Lucknow Development Body Generates Rs 4.50 Bn from E-auction

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.

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.

Next Story
Real Estate

Sources Unlimited Launches Aurora Collection Inspired by Twilight

Sources Unlimited unveils the Aurora Collection, a luxury lighting series inspired by the soft glow before dawn. Featuring spherical forms and metallic accents, the collection plays with reflections and shadows, enhancing interiors with layered illumination. Designed for floors, tables, ceilings, and walls, Aurora seamlessly integrates into diverse spaces, from homes to hospitality settings. Now available at Sources Unlimited, the collection redefines lighting as an artistic medium, transforming spaces with warmth, nostalgia, and timeless beauty...

Next Story
Real Estate

Build Capital Exits Second SRA Project Investment Near BKC

Build Capital has successfully exited its investment in an SRA project near Bandra-Kurla Complex, marking another milestone in its structured real estate financing strategy. The early-stage investment helped the developer complete rehab work and align the project with DCPR 2034, enhancing total economics. With a 2.25 lakh sq. ft. development potential and projected revenue of over Rs 7.25 billion, the project generated a 19.76 per cent IRR with 100 per cent on-time interest payments. Commenting on the milestone, Kuldeep Jain, CEO of Build Capital, stated: “Our strategic funding and acti..

Next Story
Real Estate

Küche7 Unveils Affogato: A Fusion of Luxury and Function

Küche7, India’s luxury stainless steel kitchen specialist, has launched Affogato, a sculptural kitchen design that merges aesthetics with functionality. Featuring deep brown panels with a brownstone texture, a curved marble-topped island, and a seamlessly integrated gas cooktop, Affogato redefines culinary spaces. Thoughtfully designed storage ensures a clutter-free experience, while soft grey flooring and an inlaid ceiling complete its refined appeal. More than a kitchen, Affogato embodies slow li..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?