Fresh Auction for Commercial Plot in Verna Estate: A Test for Goa's Real Estate Market
The Goa Industrial Development Corporation (GIDC) is set to re-auction a commercial plot in Verna Industrial Estate, a move that will be closely watched as an indicator of investment demand and real estate market recovery in Goa's industrial hub.
GidcVerna Industrial EstateCommercial PlotsReal Estate MarketGoaReal Estate NewsJun 23, 2024
While the two generic plots received good prices, upwards of INR 25,300 per square meter, 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 is now looking to re-auction it, hoping to get a better price. 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. The corporation has now started issuing allotment letters for these plots. The re-auction will be closely watched as an indicator of investment demand and real estate market recovery in Goa's industrial hub. 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.
Frequently Asked Questions
Why is GIDC re-auctioning the commercial plot in Verna Industrial Estate?
GIDC was unsatisfied with the bids received during the previous e-auction and is looking to get a better price for the hotel plot.
How many industrial plots did GIDC successfully auction in March?
GIDC successfully auctioned 16 industrial plots via e-auction in March, earning INR 156.6 crores.
What is the range of commercial plots available at Verna Industrial Estate?
The commercial plots at Verna Industrial Estate range from 2,000 to 5,100 square meters.
Why did GIDC delay issuing allotment letters for the industrial plots?
GIDC delayed issuing allotment letters due to the model code of conduct in place during the elections.
What does the re-auction indicate for Goa's real estate market?
The re-auction will be closely watched as an indicator of investment demand and real estate market recovery in Goa's industrial hub.
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