The Hindu : Front Page : Auction brings big bucks to VUDA again

Online edition of India's National Newspaper
Monday, Jan 07, 2008
ePaper | Mobile/PDA Version

Front Page

Front Page

Auction brings big bucks to VUDA again

Staff Reporter

VISAKHAPATNAM: The Visakhapatnam Urban Development Authority struck it rich again with the auction of its bulk land plot fetching Rs.334 crores on Sunday.

A total of 11 plots in the prime Madhurawada and Paradesipalem areas came under the hammer of which 10 found takers. The total extent was 94.8 acres.

Devona Infrastructure Ltd, a subsidiary of India Bulls, Mumbai, hogged the limelight with the highest bid price of Rs.7.06 crores an acre for a 13.9 acre plot against an upset price of Rs.4 crores. This is the highest amount offered for an acre in the auctions conducted by VUDA so far.

Maytas Properties Ltd., bagged 25.6 acres for a bid price of Rs.1.53 crores an acre against an ‘upset’ price of Rs.1.5 crores and L&T got 15 acres for the same price, both at Paradesipalem. Several of the plots promise unlimited vertical growth subject to environment, airports and fire clearances.

VUDA Vice-Chairman G. Venkatram Reddy said VUDA would provide single window clearance of layout and building plan, if other permissions were obtained.

The auction went till late in the evening with a two-hour see-saw bidding for the 13.9-acre plot that finally went through the roof.

The highest bid so far was the Rs.5.78 crores offered by Hyderabad-based Aditya Housing and Infrastructure Ltd and Adiya Construction Company for 17.3 acres in August. Other successful bidders on the day are: Bharat Infrastructure Projects Ltd (20.52 acres in two plots), Airmid Real Estates Ltd, Sandhya Hotels Ltd, Visakha Realty Ltd, Praveen Thota, an NRI and Deccan Infrastructure Ltd.

Printer friendly page
Send this article to Friends by E-Mail

Front Page