The Times of India           21.10.2013 

Auction of 63 plots fetches Visakhapatnam Urban Development Authority Rs 24.82 cr

VISAKHAPATNAM: The two-day auction of plots by Visakhapatnam Urban Development Authority (Vuda) concluded here on Sunday with the urban body mopping up Rs 24.82 crore from 63 plots in Visakhapatnam and Vizianagaram districts.

While the first day of the auction had resulted in the sale of 25 plots yielding revenue of Rs 9.35 crore, the second day witnessed the sale of 38 plots which fetched Vuda Rs 15.47 crore.

According to Vuda officials, the highest bid of Rs 24,537 per square yard as against the upset price of Rs 16,037 was received for plot number 65 in Cyber Valley layout at the auction. Plots in Madhurawada area were sold at an average rate of Rs 18,000 per square yard as against the average upset price of Rs 16,037.

Meanwhile, Vuda will issue another notification next month for the auction of 37 plots that remained unsold.

Vuda vice-chairman N Yuvaraj said that the prices were within the reach of the middle income group. Steps were taken to prevent realtors from taking advantage of creating an artificial hike in prices which helped genuine applicants get allotments at a fair price, he said.