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Visakhapatnam urban development authority gets 46 crore
The layout is in 99 acres and 130 plots in HIG, MIG, EWS and LIG were carved out. Day one fetched VUDA an amount of Rs 12 crore, the second day clocked Rs 8 crore through sale of HIG plots and final day auction fetched Rs 11 crore. VUDA could sell 94 out of the 130 plots.
Visakhapatnam: Visakhapatnam Urban Development Authority got Rs 46 crore from the fourth day auction of the house plots which concluded on Thursday.The first three days of auction was held for Fortune Hills, a joint venture between VUDA and private developer Vensar Meadows Private Limited, located at Dakamarri near Bhimili.
The layout is in 99 acres and 130 plots in HIG, MIG, EWS and LIG were carved out. Day one fetched VUDA an amount of Rs 12 crore, the second day clocked Rs 8 crore through sale of HIG plots and final day auction fetched Rs 11 crore. VUDA could sell 94 out of the 130 plots.
Auction for 60 odd bits located in various parts of the city and outskirts was held, and most of the plots were sold out except a few. VUDA got an amount of Rs 15 crore from the sale of odd bits.
The highest price went for a plot in Pardesipalem in Madhurawada when a bidder made last call at Rs 34,000 per square yard, which indicated the land prices are shooting up in the city. Around 142 people participated in the four-day auction.
Sources said VUDA initially expected to raise Rs 200 crore through auction, but not many people took part in the auction.
Participation of just 142 people for 190 plots indicated the realtors did not participate, but wanted to wait and see the trends.
Most of the bidders were seen on the last day vying for odd bits located within the city limits.The officials planned to fund major ongoing projects from the sale of the house plots.
