Civic bodies across India frequently organize e-auctions for plots, units, and shops to stimulate the real estate sector. These auctions offer opportunities to acquire properties at subsidized costs in prime locations. Bidders are required to pre-register and meet eligibility criteria before participating. The Uttar Pradesh State Industrial Development Authority (UPSIDA) is conducting an e-auction for industrial plots on August 10th, 2023. Other cities like Bhubaneswar and Hyderabad have also recently held e-auctions for shops and residential plots to attract businesses and home seekers.
Several times years, civic bodies across India hold e-auctions for plots, units, shops, etc to boost the real estate sector under its reign. These e-auctions often provide a great opportunity for individuals and businesses to buy or rent units in prime localities at a subsidised cost. The properties and plots auction range from residential, commercial, industrial and mixed use sectors. Bidders are expected to pre-register on a government portal and meet the eligibility criteria beforehand.
The Uttar Pradesh State Industrial Development Authority (UPSIDA) is organizing an e-auction of industrial plots on August 10th, 2023. The e-auction will be conducted through the State Bank of India (SBI) portal and will include lands of various sizes for different purposes. There are a total of 89 pieces of land available for industrial projects, 3 for group housing societies, 1 for a nursing home, and 10 rented halls in a flatted factory. The base prices for all these plots have already been fixed, and the list of participants for the auction has been finalized.
During the previous mega e-auction held on July 13th, industrial land in various cities of Uttar Pradesh, such as Lucknow, Kanpur, Prayagraj, Unnao, Trans Delhi Signature City, Ayodhya, Agra, Bareilly, and Aligarh, was auctioned. Some of the prominent plots available in the e-auction include Saraswati Hitech City in Prayagraj, Trans Ganga City in Unnao, group housing society in Sumerpur, Jhansi, nursing home at Sandila Housing in Lucknow, and a warehouse on Kursi road in Lucknow.
Similarly, in July this year the Bhubaneswar Municipal Corporation held an e-auction for 112 shops in one of the city's oldest market complexes in Unit IV. Instead of an outright sale, the civic body chose to lease the shops for a period of three years at prices below market value to attract bidders. In doing so, the civic body aimed to revitalize the market space, attract new businesses, and maximize the potential of the Unit IV market complex project that has previously seen multiple delays.
On the residential frontier, the Hyderabad Development Authority is set to conduct an e-auction of fifty plots in Mokila Village on 7 August 2023. These plots are catered to middle and upper-middle class home seekers. The plots are spread across 165 acres of land and the starting price is around Rs 25,000 per square yard. The pre-bid meeting received a positive response with over 200 attendees.
While several states and civic bodies embrace the e-auction process, earlier this year three development authorities in Gautham Budh Nagar decided to discontinue the practice of allotting industrial plots through e-auctions and have reverted to the earlier practised system of drawing lots, interviews and backgrounds checks. This decision was made on account of several complaints from entrepreneurs from the MSME sector that believed the system favoured large scale businessmen and created obstacles for smaller enterprises.
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