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GDA to sell 438 commercial properties through bidding

Ghaziabad Development Authority (GDA) has decided to sell 438 commercial properties in its area. These properties situated in the Lohia Nagar area will be sold through bidding. The authority has also approved development works in the area at an estimated cost of over Rs 181 crore.

'These commercial properties will be sold through bidding and buyers making a one-time deposit of the entire amount within 45 days of allotment will get a discount of 20 per cent,' said Santosh Kumar Yadav, chairman of GDA. These decisions were taken in a board meeting of the authority recently.
The authority also decided to charge two percent of the current market rate of any property as fee if the owner wants to convert it from lease to free hold category. Earlier, the fee for conversion from lease to free hold category was two percent of the cost of property at the time of allotment.

'The authority has approved construction of several multi-purpose halls, pavements, road over bridges, underpasses, beautification of round-abouts at various places in the city,' added Yadav. The entire development work is expected to cost Rs 181 crore.

Speaking on the financial situation of the GDA, Yadav said the authority has collected Rs 943 crore in the current financial year in its establishment fund and aims to collect Rs 450 crore more.
Out of these Rs 1,390 crore, approximately Rs 1,200 crore will be spent on establishment and the rest on development works.
The authority has also increased the retirement age of its employees from the present 58 years to 60 years.

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