Lucknow: The Uttar Pradesh Housing and Development Board (UPHDB) created a new benchmark in property auctions by selling assets worth ₹850 crore on Dhanteras. This e-auction, held on October 18, marked the board’s fourth largest auction in the current financial year but stands as the highest ever on this auspicious day. So far, the board has successfully sold properties worth nearly ₹2,500 crore.
The Dhanteras e-auction proved to be a landmark event, surpassing the ₹1,178 crore auction held during Dussehra earlier in the year. With this recent achievement, the Housing Board’s total revenue for the financial year, as of September 2025, reached ₹1,500 crore, strengthening its financial position significantly.
Growing Trust Among Investors: E-Auction Gaining Popularity
Aligned with the state’s goal of achieving a $1 trillion economy, the Uttar Pradesh Housing and Development Board has emphasized creating an investor-friendly environment and transparent processes. This focus has led to increased investor confidence, with many buyers preferring the board’s e-auction system for its transparency and ease of participation.
The board’s e-auction process has been widely appreciated for its clarity and convenience, driving investors to purchase land parcels through this method. Pallavi Mishra, Deputy Housing Commissioner, stated that properties from prime locations like the Awadh Vihar Vrindavan Scheme in Lucknow were auctioned, in addition to commercial land plots in other key cities such as Ghaziabad, Varanasi, Meerut, Moradabad, Agra, and Kanpur.
Record-Breaking Property Sales in Ghaziabad
Among the many successful sales, Ghaziabad stood out as a hotspot for high-value transactions. A plot in Sector 7 of Ghaziabad, initially priced at ₹333 crore, sold for ₹428 crore, marking a significant increase. Similarly, a plot in Vasundhara that had a base price of ₹208 crore was sold for ₹307 crore.
Dr. Balkaar Singh, Housing Commissioner, confirmed that the Housing and Development Board has fostered a pro-investor atmosphere, with transparent e-auctions facilitating the sale of commercial plots. He also mentioned that the board is addressing residential needs in various cities, with plans to offer flats at a 15% discount to further attract buyers.
A Boost for UP’s Real Estate and Economic Growth
The success of these property auctions is a direct result of the Housing and Development Board’s efforts to create a transparent and investor-friendly environment. With increased participation in e-auctions and strong demand for commercial plots, the state is witnessing a growing real estate market, contributing to the broader economic growth in line with the state government’s ambitious economic targets.
Through continued innovation and commitment to transparency, the UP Housing and Development Board is poised to lead the way in real estate development in Uttar Pradesh. The growing demand for property, coupled with initiatives like discounted flats and improved auction processes, will further cement the state’s position as a real estate hub.
