The Hindu : Andhra Pradesh / Hyderabad News : Plot auctioned for Rs. 58,500 per square yard

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Saturday, Nov 04, 2006
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Plot auctioned for Rs. 58,500 per square yard

Staff Reporter

HYDERABAD: Property prices in the city went a notch up on Friday with a plot auctioned by the Andhra Pradesh Housing Board fetching Rs.58,500 per square yard at Vengalrao Nagar.

Ten bidders took part in the auction for the plot measuring 247 sq.yard, near the local Andhra Bank branch. The board had called for a tender-cum-open auction and while the highest bid in the tender process was Rs.52,000 per sq.yd, it went up to Rs.58,500 in the open bidding.

The same plot, when put for auction on October 18, received a highest bid of Rs.42,000. However, suspecting that the bidders had formed a ring, APHB had cancelled the same and called for a fresh auction, officials said.

"This time we insisted that only those who submit a tender could participate in the auction. Also, the entire process was video-graphed," the official said. The auction was conducted under the supervision of APHB Secretary Suresh Poddar. The board is likely to hold some more auctions for open plots at the Kukatpally Housing Board soon.

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