Rajasthan News

JDA to auction BPCL Bais Godam land

by RajasthanDirect
Jan 02, 2014

Jaipur Development Authority now will auction its prime land situated near Bais Godam on January 8 in order to generate more revenue.

This will be the third time that the JDA will put the land under hammer after taking it under their possession from Bharat Petroleum Corporation Limited (BPCL).

Earlier, the 4,722 square metre BPCL land was not sold as the bid price received was low, said JDA officials.

The bidding this time is expected to start from Rs 1, 54, 000 per square metre and JDA is hoping to earn revenue of Rs 75 crore. The JDA will allow the developer to put the land to two uses. The buyer can develop a housing colony and a 5 star hotel on the commercial piece of land.

“In the last auction, the highest bid received for the land was Rs 1, 39,250 per square feet. The land could not be sold on that price as the adjoining land had gone up to a much higher price. This is the reason the re-auction is being organized,” said a JDA official.

Last year, the JDA made history by earning a record Rs 235 crore through auctioning the adjoining chunk of land that measures 15,208 sq m. A Kolkata-based firm, Star Commosales and a businessman from Sriganganagar jointly bought the land for Rs 1, 54, 950 per sq m.

“In recent past, after selling the land at higher prices, we have witnessed that the city has infrastructure development opportunities as investors across the country are interested to invest here. We are hopeful to earn higher revenue from this piece of land as it is situated in a prime locality,” an official said.

In 1957, the land was provided to BPCL on a 30-year-long lease, which expired in 1987 and the JDA refused to extend the lease and claimed possession. The company had approached the court and after a long legal battle they recently made an out of court settlement.

src: http://timesofindia.indiatimes.com/city/jaipur/Jaipur-Development-Authority-puts-BPCL-land-on-auction-again/articleshow/28251978.cms

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