Noida : In an auction that is likely to have a bearing on the real estate prices in Noida, five properties in the area were sold for four times their reserve price yesterday.
The auction, conducted by the Income Tax Department, included three industrial and two residential properties. Together they fetched Rs 14.39 crore, against their reserve price of Rs 4.37 crore. In addition to the auction price, bidders will have to pay an eight per cent stamp duty and an annual lease rent varying from 1 to 2.5 per cent.
The properties were acquired by the Income Tax department six to seven years ago. Repeated attempts to auction these properties were put off due to pressure from the land mafia, said an official.
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