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HUDA confident about Kokapet land auctions
Posted by Srini Uppala | December 18, 2007 | 303 views
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Loading ...Notwithstanding the latest claims that the title deed dispute about Kokapet lands is not yet resolved, HUDA is confident that the next phase of auctions on December 20 will evoke positive response.
HUDA had earlier auctioned 70 acres of land in Kokapet village of Rajendranagar mandal under ‘Golden Mile’ project in July 2006 which evoked overwhelming response then with one of the 15 plots fetching the highest price of Rs.14.5 crore per acre.
The Golden Mile project was part of 275 acres handed over to the HUDA by the Government for auctions for a variety of commercial, Residential, hotel projects besides IT.
But the project ran into legal wrangles when a petition was filed claiming ownership for over 1,600 acres in Kokapet including Golden Mile project.
100 acres
However, with the High Court decision in favour of HUDA last month stating that the land belonged to Government, HUDA has now put another 100 acres for auction.
Even an appeal filed in Supreme Court by the contenders was rejected, HUDA officials said.
Interestingly Kokapet did not lose its allure even as the title dispute case was still pending in the court.
One international agency believed to have evinced interest in the ‘Golden Mile’ for its strategic location in the Outer Ring Road growth corridor zone.
“There is no title confusion about the lands put up for auction by HUDA that they are Government lands. Moreover people have been closely following the Kokapet lands issue and this would not affect our next auction under ‘Empire’ multipurpose project,” said HUDA Vice-Chairman Jayesh Ranjan adding they got several inquiries including from big national players looking for presence in Hyderabad.
Upset price
The upset price for the coming auction has been set at Rs.12 crores per acre with an EMD of Rs.7 crore to be paid on the day of auction, said HUDA secretary D.Ramarao.
Dues
Meanwhile, the bidders of ‘Golden Mile’ project were given time till January 31 to pay the dues. Of the Rs.703 crores netted by the HUDA, bidders had paid Rs.400 crores when the title deed dispute case stalled the project. Now that the Courts had given verdict, as and when the dues are paid by the individual bidders, the land would be registered in their name, HUDA officials said.
SOURCES:
The Hindu
Topics: Govt In Action, Real Estate |
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