40 plots sold on Day One. 

40 plots sold on Day One. 
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Highlights

The Visakhapatnam Urban Development Authority in its auction for the house plots in Fortune Hills in Dakamarri layout near Bhimili sold 40 plots in MIG category and fetched Rs 12.7 crore on Monday.

Visakhapatnam: The Visakhapatnam Urban Development Authority in its auction for the house plots in Fortune Hills in Dakamarri layout near Bhimili sold 40 plots in MIG category and fetched Rs 12.7 crore on Monday.

VUDA is conducting auction for 130 plots in the Dakamarri layout and 60-odd bits scattered all over its jurisdiction for four days. On day one, auction was conducted for 48 plots in MIG 1 and MIG 3 and 65 persons participated in the auction.

VUDA set the upset price to these MIG plots at Rs 10,000 and the highest price quoted for a plot was Rs 14,600. However, most of the plots were sold for Rs 12,500 and less.

Sources in the realty business cited many reasons for people not rushing to the auction. They said plots in Peram’s Signature Park and Bhoomatha were offering plots for just Rs 7,000 per square yard, half the price quoted in the auction.

People go for VUDA plots only for authenticity and to avoid disputes in the future. Those willing to take risk go for private layouts, said a realtor.

However, VUDA officials said they were satisfied with day one proceedings and exuded confidence that all the plots would be sold out. The auction will be closed on August 11.

The layout-Fortune Hills-is a joint venture between VUDA and Vensar Meadows Pvt Ltd in an area of 99 acres. Apart from 130 plots in HIG, MIG, LIG and EWS category plots in

Fortune Hills, another 60-odd bits located in various parts of the region are also being put into auction.

The VUDA received 83 applications for Fortune Hills physically and another 139 online. The odd bits received 81 applications.

The upset price for HIG category has been put at Rs 11,000 per square yard and Rs 10,000 for MIG.

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