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APIIC Set For Mother Of All Land Auctions
Posted by Pradeep Sadanapalli | January 15, 2008 | 386 views
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Loading ...The Andhra Pradesh Industrial Infrastructure Corporation (APIIC) is preparing ground for yet another major auction to generate the much-needed resources for the state government, which has gone on an overdraft for the first time this month after coming to power in 2004.
This time too, the parcel of land being put up for sale near Hi-Tech City is caught in legal wrangles and a judgement on its ownership is yet to be pronounced by the Supreme Court.
The land is part of an area of 414 acres in Survey no. 83/1, which APIIC intends to develop by providing world class industrial infrastructure. Of this, the corporation has already sold 140 acres to leading property developers including DLF, My Home, ITC, BPTP and Puravankara.
This auction, being dubbed as the mother of all auctions by officials, would be held on Jan 21 at 4.30 pm. The land is situated adjacent to the Hi-Tec City layout, Madhapur and is between Old Bombay highway and Hi-Tec City road. The upset price for an acre of land here has been fixed at Rs 22.50 crore.
Sources said that APIIC has shortlisted a parcel of 15 acres of prime land for sale as part of its commitment to make the area a prestigious hub for knowledge based industries and integrated township with world class recreational and support services.
Sources said the land is suitable for mixed use development, including office space for knowledge based industry, IT/ITeS sector, commercial space, recreational and retail use, hospitality industry, star hotels and service apartments. Officials are expecting a minimum price of Rs 25 and 27 crore per acre. The highest rate paid for an acre of APIIC land is Rs 25.5 crore, which was notched up by the ITC group last year at a public auction.
On the ownership of the land, the APIIC has said that the government took possession of the land in 1993 as ceiling surplus land. The High Court too, through a common order last year, upheld the claim of ownership of Government of Andhra Pradesh and APIIC over the land. The corporation has put the land up for sale on the solicitor general’s advice.
The APIIC has already generated more than Rs 2,000 crore through sale of land in public auctions in the last one year. Two months ago it generated Rs 666 cr by selling 30 acres land in Raidurg to a real estate firm.
SOURCES:
Times Of India
Topics: Property Matters, Real Estate |
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