The remarkable success of the Kanpur Development Authority (KDA) in an online auction of residential plots, showcases a 98% increase in income compared to the reserve prices set for 480 plots. The initiative, launched during the festive occasion of Diwali, aimed to reclaim land previously occupied by unauthorized individuals, marking a significant legal victory for the KDA. The overwhelming response from the public, with 4,645 applicants bidding for 405 plots, reflects a notable enthusiasm, with some bids exceeding the fixed reserve prices by up to five times.
The Kanpur Development Authority (KDA) is poised to achieve a nearly 98% increase in income compared to the reserve price for the 480 residential plots that were successfully auctioned online. Out of the total 480 plots with an estimated reserve price of Rs 76,95,34,809, the KDA has auctioned 405 plots, realizing a total sale amount of Rs. 152,73,95,406. These plots, ranging from 30 square meters to 200 square meters, were part of the e-auction conducted by the KDA in various schemes including Barra-6, KUDP (Prerna Vihar), Barra-8, Swarn Jayanti Vihar, High City, Sakrapur, and Daheli Sujanpur.
The KDA initiated the e-auction of these plots during the Diwali festival, reclaiming land that had been unlawfully occupied by land sharks through legal proceedings. According to SB Rai, the law officer and public relations officer at KDA, the overwhelming response from the public is evident in the 4,645 applications received for the 405 residential plots. In several instances, the bids from applicants surpassed the fixed reserve price by up to five times, indicating significant public interest.
SB Rai further mentioned that, in response to the successful auction, the KDA vice-chairman has instructed the issuance of allotment letters to the winning bidders, and the remaining plots will be reintroduced for e-auction.
In conclusion, the Kanpur Development Authority's (KDA) online auction of residential plots has proven to be a resounding success, yielding a substantial 98% increase in income compared to the initial reserve prices. The auction, conducted during the festive period of Diwali, not only showcased the public's keen interest in KDA plots but also symbolized a legal triumph in reclaiming land from unlawful possession.
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