Andhra Pradesh - Visakhapatnam   

All-time record at VUDA auction

VISAKHAPATNAM: The auction of residential plots by Visakhapatnam Urban Development Authority created a record on Monday with a bidder clinching a plot at Kurmannapalem, close to the steel plant, quoting Rs.33,100 a square yard.

This is an all-time record price for the auction of residential plots by VUDA.

The price is all the more surprising in view of the downtrend real estate is going through.

The plot measuring 336.61 square yards in Kurmannapalem Lay-out received the highest bid of Rs.33,100 after a tough round of competition among the applicants that participated in the auction.

The upset price for square yard is Rs.6,000. The second day's auction packed with bidders realised Rs.21 crore from the auction of 58 plots both at Kapuluppada and in Kapuluppada joint venture layout.

Other than the highest bid, few plots in Kurmannapalem were allotted with the next highest bids going for Rs.28,600, Rs.26,000, Rs.25,500 and Rs.24,200. As many as 33 plots in Kurmannapalem layout and 25 plots in Kapuluppada Layout were disposed of in Monday's auction.

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