Plot auction: VUDA nets Rs 12 cr on day 1

Published: 09th August 2016 04:32 AM  |   Last Updated: 09th August 2016 04:33 AM   |  A+A-

VISAKHAPATNAM: Participants were enthusiastic to get  plots of their choice at Dakamarri Fortune Hills on the first day of their auction by Visakhapatnam Urban Development Authority (VUDA). It was inaugurated by VUDA vice-chairman T Baburao Naidu at AU Convocation Hall here on Monday. The VUDA netted  approximately `12.70 crore on the first day  and the applicants who pay 10 per cent of the total amount within three days during the auction time will be given allotment orders immediately. 

Plot.jpgAddressing the bidders, Baburao Naidu said, “The plots at Fortune Hills Layout are  best of its kind, located adjacent to the proposed international airport at Bhogapuram.” The highest bid at the auction was `14,500 against the upset price of ` 10,000. Since LIG Plots are more in the layout, the VUDA is expecting huge response in the next two days. Meanwhile, the participants in the auction demanded removal of the condition of ‘one man one plot’, for which the officials have promised to review the issue with the VC. “Keeping in view the demand, the officials are planning to review the upset price in their future ventures and this is the first successful venture in PPP mode (VUDA and Vensar Meadows Private Limited JV),” added the VC.

“A total of 130 HIG and MIG plots are for auction, with upset price of `10,000 for MIG and `11,000 for HIG and there is not much of competition so all the bidders can have a plot before going home,” said the VC. Adding to it, he said as the housing plots are safe as assured by the VUDA, investors need not worry about false registrations and can opt for payment in bi-monthly instalments.” Specific areas in the layout are alloted for community hall, schools, club houses and commercial complex. The layout on the national highway has well developed pucca 40 feet and 60 feet BT roads, electricity, drinking water and excellent drainage facility as per the VUDA norms. The auctions will continue on Tuesday and Wednesday.

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