Date:21/07/2006 URL: http://www.thehindubusinessline.com/2006/07/21/stories/2006072103612100.htm

Back HUDA plot fetches record rates

Our Bureau

Hyderabad , July 20

The auctions for urban land organised by the Hyderabad Urban Development Authority (HUDA) created a record with the successful bidder quoting as high as Rs 14.45 crore per acre for a five-acre plot on the city outskirts.

The auctions on Thursday for the 100-acre Golden Mile layout at Kokapet in Rajedranagar near here have helped the HUDA earn a whopping Rs 703 crore from 15 plots.

Major corporates of real estate and hotel industries participated. These included the Bangalore-based Prestige Gardens Estate Group and IBC Knowledge Park, the Delhi-based Group Today, the city-based Madhucon Group and My Home Constructions and the Mumbai-based Lake Point Builders.

According to the HUDA officials, as many as 47 bidders participated in the auctions by making an earnest money deposit of Rs 2 crore.

SMOOTH AUCTION

The HUDA marketed the layout as an exclusive development zone for major corporate projects. The big response was attributed to the location advantage of the layout adjoining the Outer Ring Road, and its proximity to the Financial District and Information Technology Hub, apart from the good marketing efforts of the HUDA team.

Unlike the previous experiences in auctions for prime plots, Thursday's auctions passed off without any hitch, they said. In the past, the successful bidder in the open bid lost finally to sealed tender with a higher bid amount.