HYDERABAD: The half-a-lakh rupees per square yard auction for two plots at Kukatpally Housing Board Phase VI last week failed to materialise for the Andhra Pradesh Housing Board which is left with no option but have it under the hammer afresh.

Rising stakes

Spirited auction for 12 plots last Wednesday saw stakes rising to unprecedented levels and two of them had the price escalating to the Rs. 50,000 mark. This pertained to plot number 424 measuring 604 sq.yds and another plot 458 that measured about 400 sq.yds.

According to APHB officials, bidders who created a new record in city property prices with their offer, failed to return with the promised money and chose to forfeit their EMD of Rs. 1 lakh each. "They had time till next evening and were expected to deposit 26 per cent of the bid. But both failed to report with the amount," says an official.

Incidentally, both record-making bidders were from the KPHB colony itself and the bidder for 458 sq.yd. plot is said to be a construction company. Though the upset price for the plots was Rs. 20,000 per sq.yd., the same climbed well past a record half-a-lakh. A fresh notification with regard to these two pieces of land will be proposed soon.

Ten other plots

At the same time, those who bid for 10 other plots had completed the formalities and made the necessary payments. These include for plot numbers, 333/ A (266.66 sq.yds.), 147/B (142.22 sq.yds.), 152/B (132.22 sq.yds.), 21/A (512.50 sq.yds.), 21/B (623.33 sq.yds.), 21/C (630 sq.yds.) in Phase VI and 121 (254.22 sq.yds.), 122 (254.22 sq.yds.), 123 (254.22 sq.yds.) and 124 (254.22 sq.yds.).

The upset prices here ranged from Rs. 10,000 to Rs. 20,000 and the maximum successful bid was `well within reasonable limits', as described by one of the officials, at Rs. 25,000 per sq.yd.

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