Lucknow's biggest plot to be auctioned | lucknow | Hindustan Times
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Lucknow's biggest plot to be auctioned

In the biggest auction of a single plot so far, the Uttar Pradesh has decided to auction a 2.48-hectare plot with a reserve price of Rs 112 crore. HT reports.

lucknow Updated: Sep 18, 2011 00:24 IST
HT Correspondent

In the biggest auction of a single plot so far, the Uttar Pradesh has decided to auction a 2.48-hectare plot with a reserve price of Rs 112 crore.

The last big auction was of a 1-acre commercial plot for Rs 16 crore about 10 months ago.

A five-star hotel-cum-commercial complex is planned on the plot barely 2 km from Hazratganj, in Jiamau. The project, for which the state government gave its nod last week after changing the land usage from residential to commercial, has attracted liquor baron and realtor Ponty Chaddha Group and seven others.

Earlier attempts to attract bidders had, however, failed to enthuse investors.

The plot would be auctioned on October 7. “We have never before auctioned a commercial plot of this size,” said an official of the Lucknow Development Authority. The pre-bid session lasted for 2 hours on Saturday.