The Ghaziabad Development Authority (GDA) raised INR 58 crore in a single day through an auction of residential and commercial properties. Major contributions came from the Karpuripuram and Indirapuram housing schemes, with revenue earmarked for the development of Harnandipuram township. The success of the auction reflects growing investor interest in Ghaziabad, driven by improving infrastructure and connectivity. GDA's revenue projections for the Indirapuram Extension scheme are over INR 285 crore. The increased property sales signal a positive trend in Ghaziabad's real estate market, with ongoing urban development initiatives expected to sustain demand.
The Ghaziabad Development Authority (GDA) achieved a significant milestone by raising INR 58 crore in a single day from the auction of properties in various housing schemes, marking one of their highest revenue collections in recent history. This successful auction took place on Wednesday and saw the sale of 23 properties, primarily residential plots.
Of the total revenue, INR 18.2 crore came from 14 plots auctioned under the Karpuripuram housing scheme. Additionally, two commercial plots and three residential plots from the Indirapuram housing scheme contributed INR 37.9 crore to the GDA's coffers. Other residential plots in schemes like Govindpuram, Radhakunj, and Shastri Nagar also generated revenue, adding up to a total of INR 57.2 lakh, INR 1.4 crore, INR 2 crore, and INR 21 lakh, respectively.
Pradeep Singh, additional secretary at GDA, emphasised the importance of this revenue boost. "This revenue will help us build a financial reserve for the development of Harnandipuram township," he stated. The township is being developed as part of GDA's effort to expand urban infrastructure and housing options in the region.
Indirapuram Extension is a key project under GDA's recent development initiatives. The planned area spans 30,000 square metres and includes 47 residential and three commercial parcels of land. In August, the GDA board approved the division of the Indirapuram Extension land into smaller plots, further facilitating the auction and enhancing investor interest.
The current circle rates set by the District Magistrate are INR 95,000 per square metre for residential properties and INR 1.15 lakh per square metre for commercial plots. GDA is targeting an impressive revenue projection of over INR 285 crore from the Indirapuram Extension scheme, highlighting the growing demand for residential and commercial spaces in Ghaziabad.
This surge in property sales is not just beneficial for the GDA's financial health. It also signals a positive trend for the overall real estate market in Ghaziabad. The development authority's ambitious plans for Harnandipuram township, which spans over 521 hectares, involve substantial investment. Approximately INR 10,000 crore is expected to be allocated for the development, with costs shared between the GDA and the state government, especially in land acquisition from local farmers.
The increased interest in GDA properties reflects a broader trend in Ghaziabad's real estate market, where infrastructure developments and improved connectivity have made the area an attractive destination for homebuyers and commercial investors alike. With several government initiatives aimed at urban development, including improved road networks and public transport systems, the demand for housing is likely to continue rising.
As GDA moves forward with its plans, the recent surge in revenue collection from property auctions is a promising sign that the authority is not only meeting immediate financial needs but also laying the groundwork for future development projects that aim to enhance living standards and economic growth in Ghaziabad.
Advertisement
Facebook
Whatsapp
