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SC dismisses petition on ownership of Kokapet land
Posted by Srini Uppala | December 13, 2007 | 237 views
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Loading ...The Hyderabad Urban Development Authority (Huda) has decided to ask successful bidders of the land auction at Kokapet to pay the balance amount of Rs 304 crore. The Supreme Court on Thursday dismissed a special leave petition filed by a private individual on the Kokapet land. The judgement brought much relief to Huda officials who have scheduled an auction of another 100 acres at Kokapet on December 20. Huda had auctioned 81 acres in Kokapet in July 2006 for Rs 703 crore. The 12 successful bidders initially paid Rs 399 crore.
At this stage, a private individual, Mr K.S.P. Ali, approached the court saying the land belonged to his ancestors. With the land getting into a legal tangle, the bidders were reluctant to pay the remaining Rs 304 crore. The High Court dismissed Mr Ali’s petition in October 2007 after which Mr Ali moved the Supreme Court. The apex court on Thursday dismissed his petition. The Kokapet auction had created sensation as bidders offered record amounts for the land. In a plot called Golden Mile each acre was sold at Rs 14.5 crore, an unheard of sum till them. Some plots were auctioned for Rs 8 crore per acre.
“The Supreme Court’s order has boosted our morale. We are expecting higher bids for the new auction scheduled for next Thursday,” said a senior officer of Huda. Huda plans to sell four 25-acre plots as part of its Calibre SEZ. This land is close to the Golden Mile layout. Huda has fixed Rs 12 crore as upset price for each acre but expecting bids to jump to Rs 20 crore. “Major infrastructure companies are already making enquiries. There will be huge response from them,” the official said.
SOURCES:
Deccan Chronicle
Topics: Govt In Action, Real Estate, Infrastructure |
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