Rajasthan housing board auctions commercial plot in Jaipur for Rs 488 crore

JAIPUR: The Rajasthan Housing Board has set a record by auctioning a commercial plot in Jaipur for Rs 488 crore, the highest bid received by any government department in the state.

RHB (Rajasthan Housing Board) commissioner Pawan Arora said that the 45,632-square metre land between VT Road and Aravali Marg in Mansasorver was e-auctioned on Wednesday. The minimum bid was Rs 89,500 per square metre and the plot was auctioned at Rs 1.07 lakh per square metre with a total price of Rs 488 crore on Wednesday.

“A strategy for successful e-auction of this commercial plot was made and wide publicity was done all over the country to get maximum value for the plot. 10 major companies showed interest in getting this plot but till the last round there was competition between Phoenix Mills Ltd and Pacific Development Corporation,” he said.

The Pacific Development Corporation was successful in the auction.

He said that both these companies specialise in the field of mall construction and already have several malls operating in cities like Mumbai, Delhi, Lucknow and Ghaziabad.

“A shopping mall will be constructed by Pacific on the land located in Mansarover, which is known as the largest residential colony of Asia,” Arora said.

“This is the biggest ever e-auction of a plot by any department in Rajasthan and possibly in the country as well,” he claimed.

Urban development and housing minister Shanti Dhariwal has congratulated the RHB for this achievement.