LIC outbids Punjab developers in land auction

September 22, 2008	(Be the first to rate this story!)  Loading ...
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Life Insurance Corporation (LIC) has won in the bidding process for land for commercial purposes auctioned by the Punjab Urban Planning and Development Authority (PUDA) and Greater Mohali Development Authority (GMADA, which was carved out of PUDA). It has outbid other pvt. developers. The other five participants included Tata Realty and Infrastructure, Best City Realtech, AERENR Enterprises, Malhotra Land Developers and Inderpreet Singh Chadha. The chunk of land, put under the hammer, was handed over to PUDA by the state government for commercial exploration under the “optimum use of government vacant land” policy. The property would be used for commercial purpose.

In an earlier auction, LIC took possession of 16, 973 square yard of land in Bathinda by offering Rs 45,100 per square yard as against the reserve price of Rs 30,000 per square yard. The state managed to secure Rs 76.54 crore through this auction. Furthermore, a commercial site in Amritsar belonging to Amritsar Improvement Trust was bagged by LIC.

GMADA had auctioned 9.6 acres at Mohali (Punjab) for Rs 464.12 crore as against the reserved price of Rs 464 crore. The deal was clinched by Life Insurance Corporation of India (LIC) which was the sole bidder. LIC had offered Rs 1, 00,025 per square yard as against the reserved price of Rs 1 lakh. The site fetched GMADA Mohali only Rs 12 lakh more than the original reserved real estate price of Rs 464 crore. The property purchased by LIC could be used for industrial purpose or for constructing multiplexes, shopping malls or luxurious hotels.

News Published Under:   Real Estate India |

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