The firms which purchased the prime land in ‘Golden Mile Auction’ at Kokapet here in the open auction in 2006 have to wait for some more time to get back their lands from the Hyderabad Metropolitan Development Authority (HMDA) despite favourable High Court orders on Wednesday.
The judgment came as a big relief to the state government which has been stuck in a legal tangle with real estate and other companies which had purchased about 65-70 acres of the disputed land in an open auction which fetched the HMDA an income of over Rs 700 crore.
HMDA officials told Express that despite the court’s favourable judgment, the auctioned lands cannot be handed over immediately to the successful bidders in view of the possibility of KSB Ali and others, said to be legal heirs of Nawab Nusrat Jung Bahadur-1 who claimed title over the Kokapet land, may approach the Supreme Court. If the Supreme Court admits the case, chances are that the case will go on for a few more years. The legal heirs of Nusrat Jung have been fighting for the land since 1960.
HUDA had realised Rs 703 crore from the sale of 69 acres of land in the town of Kokapet near Hitec City. The upset bid price was Rs 14.5 crore per acre. The 15 plots sold in the Golden Mile layout are in a good location next to the Outer Ring road and close to the financial district and the IT hub at Gachibowli.
The bidders paid the HUDA Rs 435 crore upfront. The successful bidders are Prestige Gardens Estate, Bengaluru (14 acres, Rs 161 cr); Today Hotels, Delhi (4.60 acres, Rs 62.25 cr), My Home Constructions, Hyderabad (8.20 acres, Rs 59.14 cr); Lake Point Builders, Mumbai (5.52 acres, Rs 61.22 cr); Madhucon Properties (5.70 acres, Rs 51.64 cr); Pioneer Telafone of Viceroy group (5.39 acres, Rs 53.95 cr); IBC Knowledge Park, Bengaluru (10.5 acres, Rs 64.26 cr); Kailash Ganga Constructions (8.53 acres, Rs 103.50 cr); Water Markes (6.10 acres, Rs 60.14 cr); and Soma Enterprises (3.08 acre, Rs 27.85 cr).