Andhra Pradesh - Visakhapatnam   

VUDA rides realty wave again

VISAKHAPATNAM: Basking in the continuing realty boom, the Visakhapatnam Urban Development Authority (VUDA) auctioning seven bulk land plots at the in-demand Madhurawada area realised Rs. 356.6 crores on Friday. The total land auctioned on the day was 73.79 acres. In an auction of business class plots on August 30, VUDA had realised Rs.236 crores from 79.46 acres. The auction of government land by VUDA is meant to meet the budgetary support target of Rs.1,000 crores set to it by the State Government for the current financial year.

As bidders’ interest was confined to the Madurawada area, VUDA did not take up auction of land at other parts, including 98.64 acres at Dakamarri near Bhimili.

Replying to objections raised, the VUDA Vice-Chairman G. Venkatram Reddy said that alienation by local bodies by a resolution was required only in the case of poramboke land and the District Collector was empowered to transfer government land for auction.

In Thursday’s auction, Aditya Housing and Infrastructure Development Corporation of Hyderabad bid for three plots: 1.25 acres (at Rs.10,101 a square yard); 10 acres (Rs.5.015 crores an acre) and 28.31 acres (Rs.4.78 crores an acre).

The upset price of VUDA for all the plots barring one was Rs.4 crores an acre. The auction drew realtors from Mumbai and New Delhi as well. Finishing Touch Developers, a subsidiary of OMAXE Ltd of New Delhi, bid for 19.53 acres at Rs.5.15 crore an acre, the highest price for the day. Neptune Developers of Mumbai bagged 5.9 acres at Rs. 4.51 crore an acre. Berggen Real Estate, also of Mumbai, successfully bid for 5.3 acres at Rs.4.51 crores an acre.

Seven Hills Logistics Systems of Hyderabad got 3.5 acres at Rs. 4.005 crores an acre. Besides direct auction, bids were also accepted in a sealed tender box.

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