Andhra Pradesh - Visakhapatnam   

Bidders cool to VUDA auction

VISAKHAPATNAM: The Visakhapatnam Urban Development Authority’s bulk land auction on Wednesday failed to evoke any response. Only for one plot, a lone bid of Rs.4.01 crore, Rs.1 lakh more than the upset price, had been made but was rejected.

A total of eight plots, three less than originally announced, had been put on auction. In spite of officials goading participants, who were anyway sparse, about the location of the plots being close to the beach road, amid other properties already auctioned and IT companies coming up in the vicinity, bidders remained uninterested. The response starkly contrasts to the earlier two auctions which netted hundreds of crores. In August, bidders paid a maximum of Rs.5.78 crores per acre for 17.3 acre plot and Rs.2.14 crores an acre for a 44.25 acre plot. In November, the highest was Rs.5.15 crores an acre.

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