VUDA Nets Rs 21.63-Cr in Auctions, Observes Land Value is on the Rise

Published: 22nd September 2014 06:04 AM  |   Last Updated: 22nd September 2014 06:04 AM   |  A+A-

VISAKHAPATNAM: In the first ever indication at the booming real estate in Visakhapatnam city after state bifurcation, the sale of 36 plots in 12 layouts has fetched Rs 21.63 crore to the Visakhapatnam Urban Development Authority (VUDA). VUDA had put up 57 plots in 12 layouts in Visakhapatnam and Vizianagaram for sale through auction at the Andhra University Assembly Hall here this week.

The VUDA officials admitted that the plot prices soared compared to the previous auction held in July. “Though the same plots were carried forward from the previous auctions, bidding from the applicants was competitive and fetched unexpected prices for the plots in Sontyam, Madhurawada Government Lands Layout and Cyber Valley Layout. Even a left-over plot in Godavari Townships Joint Venture at Narava went up to Rs 10,350 per sq yard,” said an official.

A plot (no. 89) in Madhurawada Government Lands Layout in an extent of 1,029.17 sq yards received the highest bid of Rs 28,461 per sq yard.

Similarly, another plot (no.146), in an extent of 311.11 sq yards in the same layout was disposed at Rs 27,237 per sq yard.

In Sontyam Layout, plot no. MIG-A-1 in an extent of 676.95 sq yards received the highest bid of Rs 11,400 per sq yard, which was much higher than the highest bid in the previous auction. VUDA secretary GC Kishore Kumar conducted the auction proceedings.

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