The Goa Industrial Development Corporation plans to hold a fresh auction for a commercial plot in Verna Industrial Estate, as it was dissatisfied with the bid received during the previous e-auction. Three plots consisting of one hotel plot and two generic commercial plots were previously put up for auction. While the generic plots received good prices upwards of INR 25,000 per sqm, the bid of INR 8,600 per sqm for the hotel plot was deemed too low. Hence, GIDC cancelled the previous auction for the hotel plot. GIDC hopes the fresh auction will fetch more satisfactory bids for the remaining hotel plot in Verna Industrial Estate.
The Goa Industrial Development Corporation (GIDC) plans to hold a fresh auction for commercial plots in Verna Industrial Estate. They were unsatisfied with the bids received during the previous e-auction held for leasing these plots.
In the earlier auction, three commercial plots were available - one designated for a hotel and two generic commercial plots. The two generic plots received good prices, upwards of INR 25,300 per square meter.
However, the bid of INR 8,600 per square meter received for the hotel plot was deemed unreasonable by GIDC managing director Pravimal Abhishek. As a result, the auction for the hotel plot was cancelled and GIDC will re-auction it, hoping to get a better price. The fresh auction for the remaining hotel plot aims to fetch GIDC a price closer to the market rate.
The commercial plots at Verna Industrial Estate range from 2,000 to 5,100 square meters. In March, GIDC successfully auctioned 16 industrial plots via e-auction, earning INR 156.6 crores. They have now started issuing allotment letters for these plots.
Though the e-auction was announced before the elections, GIDC refrained from issuing allotment letters due to the model code of conduct in place. According to the managing director, rather than approaching the Election Commission, they simply waited for polls to conclude before resuming the allotment process. GIDC hopes the fresh auction will fetch more satisfactory bids for the remaining hotel plot in Verna Industrial Estate.
The sizable industrial and commercial developments in the area have made the plots highly sought after. While the previous e-auction was largely successful, GIDC remains determined to achieve satisfactory prices for its inventory of available plots. The re-auction will be keenly watched as an indicator of investment demand and real estate market recovery in Goa's industrial hub.
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