PANAJI: A single transaction from the main land in the capital city has reached a record as the Corporation of Economic Development, a state-managed non-banking company, preaching patches of 2,020 sq in Patto Plaza to Reserve Bank of India for Rs 30.3 Crore, not including GST and Cap Cap.
This allotment, at Rs 1.5 lakh per SQ M, was completed during the last financial year, and brought to end a long-delayed legal dispute over the plot.
A piece of land, near the LIC division office, was originally sold to Air India, who never used it.
This sale tends to help state government financially dry.
“RBI has taken over the plot and plans to complete development within three years,” said K v Balikar, Managing Director, EDC.
EDC has not sold the ground but has allocated a plot of leases or occupancy rights.
For grants on leases or residential rights, restrictions are more than land sales or changes in use, because of the ownership of the vest with EDC.
Apart from Rs 30.3 Crore collected, EDC will also collect regular income through annual leases.
“The total transaction cost is Rs 35.17 Crore, which is inclusive 18% GST.
Apart from this, the Goa government received Rs 1.78 Crore as stamp duty and registration fees,” said Balikar.
Even though EDC received a larger offer of other bidders, the state government decided to distribute the plot to the RBI, which currently functions from a rental place on Patto.
Land transactions have seen the benefits of EDC soaring by 57%.
There were three more plots in the EDC Patto complex which was under a dispute with plantation officers, and EDC was convinced that it would be able to resolve the case in time.
EDC’s temporary profit after tax for 2020-21 stands at RS 63 Crore, compared to Rs 40 Crore in 2019-20.
Balikar said that while the previous plot was sold with no-loss-no-profit, EDC had been obtained due to sharp escalation in real estate prices.
“EDC gets benefits lately.
The previous plot was allocated with no-loss-no-profit,” he said.
Goa: EDC Allots Patto Plot to RBI, Bag Rs 30.3 Crore
