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The Lucknow Development Authority (LDA) will conduct an e-auction for the Sahara Bazaar Complex in Gomtinagar on November 10. The complex spans 4,741 square meters and includes around 150 shops. Originally leased to Sahara Housing Corporation in 1987 for 30 years, the lease expired in 2017 and was not renewed. LDA took possession in June 2025 after canceling the lease. The reserve price, initially set at INR 85 crore, is being revised due to increased circle rates. The site will be converted to freehold, retaining its commercial land-use status, allowing redevelopment.
The Lucknow Development Authority has scheduled an e-auction for the Sahara Bazaar Complex in Gomtinagar on November 10. The complex, covering 4,741 square meters, comprises about 150 shops and is considered a prime commercial property in the area. It was initially leased to Sahara Housing Corporation in January 1987 for a 30-year term. The lease expired in January 2017 and was not renewed. Following compliance issues, the LDA canceled the lease in May 2025 and took possession in June. Advertisement
The reserve price for the upcoming auction was originally set at INR 85 crore. However, in response to the recent increase in circle rates, the LDA is revising the reserve price to better reflect the current market value. Officials have highlighted that the structure of the complex is dilapidated, and the successful bidder will have full freedom to redevelop the site. The land will be converted to freehold status, while retaining its commercial land-use classification, which will facilitate redevelopment and potential investment opportunities.
Located near Wave Mall in Gomtinagar, the complex is strategically positioned in a high-demand commercial zone. The LDA's move follows a history of lease non-renewal due to Sahara Housing Corporation's failure to comply with lease conditions. The redevelopment potential and freehold status of the land make this auction a significant opportunity for commercial investors looking to expand their footprint in Lucknow's retail market.
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