Over 1l Sq Ft Govt Land Sold For ` 20cr, 3 Times Higher Than Base Price, ET RealEstate

September 29, 2023

<p>Representative Image</p>
Representative Image

INDORE: The state government, through public assets management department, has sold a 9630 square metre (1.036 lakh square feet) land in Gadarkhedi for around Rs 20 crore that is more than three times higher than its base price.

Senior administrative officials said, the base price of the land was Rs 5.93 crore. In the bids invited to sell the land, the government received highest offer of Rs 20.03 crore, which was accepted.

“State cabinet has accepted the highest bid of Rs 20.03 crore to sell 9,630 square metre land in Gadrakhedi. The allotment will be completed by following set process,” collector Ilayaraja T said.

Senior administrative officials said, around three years ago, Madhya Pradesh government had released an order to auction government property that are not in use or are encroached upon, with an aim to generate revenue.

To sell such property, the government had set up public assets management department in September 2020 for efficient management and rationalization of public assets, including monetization of unused property.

The department has also invited tenders to sell 13,560 square metre land in Malharganj tehsil and its initial bid has been kept as Rs 8.19 crore. Interested people can submit their bids till September 29, while the e-auction will take place on October 3.

  • Published On Sep 28, 2023 at 06:00 PM IST

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