Curation Team
LUCKNOW: Lucknow Development Authority announced that Sahara Bazaar Complex in Gomtinagar will go under the hammer through an e-auction scheduled for Nov 10. An LDA official said reserve price was yet to be finalised.
It was earlier set at Rs 85 crore, but with the recent hike in circle rates, figure will be revised. LDA executive engineer Manoj Sagar said the complex, spread over 4,741 square metres and housing around 150 shops, was originally leased to Sahara Housing Corporation in Jan 1987 for 30 years.
The lease expired in Jan 2017 but was never renewed. “In May, we cancelled the lease and took possession in Jun,” he said.
Sagar added that the structure was dilapidated and successful bidder will be free to redevelop the site. The land will be converted into freehold, while its land-use category will remain commercial, making redevelopment easier.
