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LIC wins the Bid for a whooping sum

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As per to the sources saying @ the www.propertykhazana.com, Life Insurance Corporation (LIC) succeeded the bidding progression for property for commercial development put on auction by PUDA and GMADA jointly. Private developers and other 5 took part in this bid. The piece of land which was placed under the mallet was given to PUDA by the State Govt. for commercial examination under the ‘Best use of Govt. empty land’ strategy and that property was utilized for commercial purpose.
In last sale, LIC took ownership of 16,973 Sq.yards of land in Bathinda by paying Rs. 45,100 per Sq.yards as against the actual rate of Rs. 30,000 per Sq.yards.
The state government treasury was credited with Rs. 76.54 Crores during this sale and also a commercial plot in Amritsar belonging to Amritsar Improvement Trust was grabbed by LIC.
GMADA had sold its 9.6 acres at Mohali in Punjab for about Rs. 464.13 Crores against Rs. 464 Crores. LIC had given Rs. 1, 00,025 per Sq.yards as against the actual rate of Rs. 1 lakhs. The plot fetched GMADA Mohali only for about Rs. 12.1 Lakhs over the new reserved realty rate of Rs. 464 Crores. The land bought by LIC can be utilized for industrial use or for constructing multiplexes, shopping malls or for lavish hotels as per the conditions. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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