The Lucknow Development Authority (LDA) has achieved remarkable success in its latest e-auction, registering property sales exceeding Rs 425 crore as enthusiastic bidders pushed prices to nearly three times the reserve value in multiple cases.
Record-Breaking Bids Across Residential and Commercial Plots
The auction witnessed unprecedented bidding wars, particularly in the premium sectors of Gomtinagar Extension. A 75 square meter residential plot in Sector 5, initially valued at Rs 28 lakh, eventually closed at an astonishing Rs 1.5 crore, demonstrating the intense competition among buyers.
According to LDA Vice Chairperson Prathamesh Kumar, the successful auction followed a comprehensive land audit and drone survey that identified properties under illegal occupation. "The identified plots were cleared systematically and opened for public bidding, ensuring transparent allocation," Kumar stated.
Gomtinagar Extension Emerges as Hotspot
The auction featured 95 residential and seven commercial plots in Sectors 5 and 6 of Gomtinagar Extension, with 88 of these properties selling at two to three times their base price. A massive 4,647 square meter group housing plot in Sector 6, carrying a reserve price of Rs 34 crore, was ultimately sold for Rs 47 crore.
Another remarkable transaction involved a 200 square meter plot in the same sector, valued at Rs 72.99 lakh, which fetched an impressive Rs 2.99 crore from the winning bidder.
Commercial Properties Command Premium Prices
The commercial segment同样 witnessed extraordinary bidding enthusiasm. A 905 square meter commercial plot in Sector I of the Kanpur Road Scheme, valued at Rs 7.44 crore, received a record-breaking bid of Rs 20.88 crore.
Similarly, a commercial plot in Sector 5 of Gomtinagar Extension saw its price surge from Rs 1.57 crore to Rs 4.1 crore during the competitive bidding process. Properties in Basantkunj and Transportnagar also performed well, selling at premiums of 25 to 30 percent above their base values.
Kumar assured that successful bidders would receive their allotment letters promptly, with all map approvals being processed through a streamlined single-window system to expedite the possession and development process.
