GIDC’s fifth auction of plots rakes in `156.64 cr  

Shoma Patnaik

Panaji: The state is witnessing a rising demand for industrial land with the Goa Industrial Development Corporation (GIDC) raking in `156.64 crore from the fifth round of auction of plots that closed a few days back.

Enquiries revealed that the GIDC received 92 bids for 16 prime plots in the Verna Industrial Estates put up for auction.

The bids were received for all the plots, and the GIDC for the first time in recent years had no unsold plots on hand. 

The corporation ended up netting `35 crore more than its target of `121 crore from the auction.

With the Goan pharmaceutical industry in an expansion mode, pharma companies bid aggressively for the larger plots having land above 30,000 square metre.

“In smaller plots also, which are 3,000 sq m in size and lower,  the competition was high. The highest bid went all the way up to `16,300 per sq m as against the base price of `5,700 per sq m,” said GIDC officials.

Some of the large companies that acquired plots in the auction include Centaur Pharmaceuticals which obtained 42,000 sq m, Fertin India Pharma Pvt Ltd (33,000 sq m), Ion Exchange Ltd bid for two plots with total size of 48,000 sq m, and Vijay Logistics Pvt Ltd (37,000 sq m). 

GIDC managing director Pravimal Abhishek said that most of the companies which acquired plots are manufacturing companies. 

“The successful auction is a result of GIDC’s new plot regulations, simplified e-auction bidding process and renewed investor interest in the state after the Invest Goa 2024 conclave held in January this year,” he said.

Abhishek added that the GIDC has adopted value capture financing strategy for high value plots such as plots carved out of SEZ land.

“Wherever there is high value plots the GIDC will follow the strategy to maximise returns,” said the managing director.

He explained that the revenue from auction of plots is being used for upgrading infrastructure in industrial estates. 

GIDC’s previous four auctions earned it Rs 120 crore. The first three auctions of the corporation received poor response due to lack of awareness, but the fourth one went off well due to robust marketing. 

According to local industry, demand for industrial plots has been  at a high in tune with the soaring real estate market for housing and commercial land. Goa being strategically located is set for further rise in land rates, they said.