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Three bidders for Budvel project
Posted by Srini Uppala | January 19, 2008 | 399 views
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Loading ...The Hyderabad Urben Development Authority (HUDA) received three bids for its 165- acre Budvel township project here on Friday, the last date for submitting bids. DLF, Unitech and Ansal Properties submitted their bids against the fixed upset price of Rs.4 crore per acre.
After the technical scrutiny to evaluate the eligibility of the bidders, their financial bids would be opened on Monday and the land allotted to the highest bidder, HUDA Vice-Chairman Rajyesh Rajan said. Meanwhile, HUDA is also considering the proposal to offer the remaining 75 acres of land under Empire project at Kokapet to Omaxe Constructions.
The HUDA had put four plots of 25 acre each in the strategically located Kokapet in Rajendranagar mandal for auction on December 20 last year, but given the slump in the real estate market, there was not much response from the bidders. Though four bidders, all real estate companies from outside the State participated, Omaxe Constructions alone bid for one plot at just Rs.1 lakh above the upset price while the rest of the plots had no takers.
The HUDA had fixed the upset price at Rs.12 crore an acre with an EMD of Rs.7 crore and was expecting anywhere above Rs.1,200 crore from the Empire Project. Even as HUDA remained undecided about the remaining 75 acres, Omaxe Constructions proposed to buy the land at the same price it offered for the plot they had bid for. “The HUDA Board discussed the proposal in its last board meeting and agreed in principle to take up ‘Empire’ as a joint development project for multipurpose use,” said Mr. Jayesh Ranjan. The bidder proposed to pay Rs.4 crore per acre upfront and offer 26 per cent of built up area to the HUDA. The proposal had been referred to the HUDA’s financial consultant for examining the viability and a decision would be taken by month-end, Mr. Ranjan said. Referring to the 105-acre Pentagon project in Miyapur where only one 22-acre plot out of eight plots were sold in the auction held last September, he said there was no clarity whether the market was good for small or big plots. The situation needed to be evaluated, he said.
SOURCES:
The Hindu
Topics: Govt In Action, Real Estate, Infrastructure |
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