Now Reading: Moradabad Development Authority to auction 24-crore officer residence
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Moradabad Development Authority to auction 24-crore officer residence
The Story in Brief
The Moradabad Development Authority (MDA) will auction officers’ residences in its Aashiyana complex on Kanth Road, including the vice-chairman’s house. The 3,000-square-metre vice-chairman’s property has a reserve price of Rs 24 crore, while homes of the secretary, chief engineer and junior engineers will also be sold.
MDA has completed a new office and residential complex in Naya Moradabad on Delhi Road. Officers are expected to shift after Diwali, after which the Aashiyana properties will be put on the block. A tender has been issued to select a transaction advisory agency for the residential sales.
Meanwhile, MDA’s old three-storey office on Kanth Road, valued at about Rs 100 crore, has remained unsold for four years. MDA vice-chairman Anubhav Singh said the old properties will be auctioned as per procedure. The authority is also considering developing apartments on that land.
Indian Opinion Analysis
The proposed sale essentially shifts MDA’s asset base from older buildings on Kanth Road to a new complex on Delhi Road. The 24-crore reserve price on the vice-chairman’s residence and the inclusion of other officer quarters suggest the authority expects significant revenue, though the difficulty in selling the 100-crore old office, vacant for four years with no buyer, highlights a risk that these newer properties may also linger. The authority is now weighing apartment development on that old office land as a fallback. The outcome hinges on the advisory agency yet to be selected and how soon officers relocate after Diwali.
Source: amarujala.com
This brief was synthesised by AI from the source linked above. Methodology and corrections.
