All set for Visakhapatnam Urban Development Authority plots auction

All set for Visakhapatnam Urban Development Authority plots auction
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The city, being the biggest in the State, drew the attention of entire nation after hosting Partnership Summit and International Fleet Review held in the beginning of this year. The auction is being held from August 8 to 11. 

Visakhapatnam: The price Visakhapatnam Urban Development Authority will fetch in the auction of 130 plots in Dakamarri village under the district this weekend will determine the demand for the lands in the city and on the outskirts.

The city, being the biggest in the State, drew the attention of entire nation after hosting Partnership Summit and International Fleet Review held in the beginning of this year. The auction is being held from August 8 to 11.

The layout-Fortune Hills-is a joint venture between VUDA and Vensar Meadows Private Limited in an area of 99 acres. Apart from 130 plots in HIG, MIG, LIG and EWS category in Fortune Hills, another 60 odd bits located in various parts of the region are also being put for auction.

The VUDA received 83 applications for Fortune Hills manually and another 139 online till date. The odd bits received 81 applications. The last date for submitting applications is on Friday.

The upset price for HIG category has been put at Rs 11,000 per square yard and Rs 10,000 for MIG. “There is a hype in the market, but we are waiting to see how much people are paying for each plot in the layout which is located 30 km away from the city.

If the hammer bangs at Rs 15,000 per square yard, we can presume the land value is going up in the city,’’ said a well-known developer of the city.

But other private developers said they were not expecting much response for the auction since the price at Dakamarri and surrounding areas is less than Rs 5,000 per square yard.They alleged that the auction would help private developers around Dakamarri to jack up their prices.

By:KMP Patnaik

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