The price for each plot is Rs 14,000 per square yard. Out of 200 plots, there are 145 plots of 500 square yards and remaining 55 plots of 1,000 square yards each. The price for a 500 and 1,000 square yard plot comes out to be Rs 70 lakh and Rs 1.4 crore, respectively. The successful allottees will have to deposit 10 per cent of the total amount within 48 hours of the draw, 25 per cent within 30 days and remaining 65 per cent within three years. The only silver lining that the real estate experts are seeing is that it is a “draw of lots” and not an “auction”. After GMADA failed to auction its properties with its last two auctions failing to attract much response, the authority had come out with the “draw of lots” scheme.
Source: Indian Express