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GIDC to Re-Auction Commercial Plots at Verna Industrial Estate After Disappointing Bids

By GeoSquare News Desk · Published 2024-06-18

The Goa Industrial Development Corporation (GIDC) has expressed dissatisfaction with the bids received for the commercial plots at Verna Industrial Estate, which were put up for lease through an e-auction. As a result, the GIDC has decided to hold a new auction for the plots. This decision comes after the GIDC received bids that were deemed unreasonable, particularly for the hotel plot, which fetched a bid of only Rs 8,600 per sqm.

In contrast, the generic commercial plots received good prices, with the highest bid at Rs 25,300 per sqm. The commercial plots at Verna Industrial Estate range from 2,000 sqm to 5,100 sqm. The GIDC managing director, Pravimal Abhishek, explained that the corporation cancelled the auction due to the unreasonable bid for the hotel plot and will now plan a re-auction.

On a separate note, the GIDC has also initiated the process to issue allotment letters for the 16 industrial plots auctioned in March. The e-auction of the industrial plots was successful, generating Rs 156.6 crore. Although the e-auction was announced before the elections, the GIDC delayed issuing allotment letters due to the model code of conduct. According to Abhishek, the corporation decided to wait for the polls to conclude and did not approach the Election Commission.