HYDERABAD: The wait seems to be getting only longer for the bidders who bid staggering amounts for the coveted Golden Mile project of HUDA at Kokapet in Rajendranagar mandal.

The auction was taken up in July last year for 15 plots ranging from two to six acres, totalling 70 acres. The auction drew attention from all quarters as one plot was bid for Rs.14.50 crores per acre as against the upset price of Rs.4.5 crores. On an average, the plots went for Rs.10 crores per acre.

Title deed dispute

After the bidders paid up Rs.400 crores of the Rs.702 crores, came the court stay following a title deed dispute.

While the petitioner contended that the auctioned land was part of 1,638 acres of private property bought during Nizam time, Government argued that it was revenue land.

With the stay still in force more than six months after the auction, those who planned various commercial, hotel and residential projects are in quandary. "We represented to HUDA and then to the Chief Minister to refund our amount as we cannot wait endlessly for the case to be resolved and then start our projects," a bidder said.

The Chief Minister asked us to wait till February-end. But even now, there is no move from the Government, added another bidder.

The HUDA and revenue authorities are confident that they are on a firm ground and the petitioner's case holds no water. But that brings no solace to those who are clueless on when their projects would take off.

Interest on loans

"The delay would push up project cost. The cement prices have already gone up. We have started paying interest on the bank loan we took to bid for the plots," said a bidder who is keen to withdraw his money

Given the fate of Golden Mile and the recent stay on acquisition of additional 100 acres for Tellapur Integrated Township, it becomes clear that land transactions in the city are fraught with uncertainties.

The HUDA authorities however say that Tellapur Integrated township Project work on 400 acres will not be affected as the stay was for additional 100 acre land proposed to be given to the township at a future date.

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