The Hindu : Front Page : Rs. 1.19 lakhs per square yard of land!

Online edition of India's National Newspaper
Tuesday, Feb 21, 2006

Front Page

Front Page

Rs. 1.19 lakhs per square yard of land!

Staff Reporter

HYDERABAD: Land rates in Hyderabad touched the stratosphere and history was made here on Monday when a prime piece of land in the city — all of five acres at Jubilee Hills checkpost — went under the hammer for a staggering Rs. 1.42 lakhs per sq.m., earning the Government a whopping Rs. 335.25 crores.

This translates to an astounding Rs. 1.19 lakhs per square yard! But the prestigious auction conducted by the Hyderabad Urban Development Authority for the Government land measuring 23,659 sq.m. was not without high drama.

There was rancour and sparks flew when it was announced that as against the highest offer of Rs.1.35 lakhs in the open bid, the sealed tenders opened after the open auction threw up the highest figure of Rs.1.42 lakhs for the land.

Hottest deal

City-based players — Nagarjuna Constructions, Maytas and ICICI Venture — clinched the hottest deal by quoting the highest bid amount of Rs. 1,41,800 per sq.m., which was rounded off to Rs.1.42 lakhs per sq.m. Interestingly, the conglomerate stopped at Rs. 1.05 lakhs in the open bid.

As heated arguments ensued, auction officer and HUDA Secretary T. Venkatram Reddy explained that it was established procedure to open the sealed tenders after the open auction to ensure transparency. There were 21 bidders in all, most of them were from outside the State.

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