Financial Daily from THE HINDU group of publications
Tuesday, Feb 21, 2006
Financial Daily from THE HINDU group of publications Tuesday, Feb 21, 2006 |
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Industry & Economy
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Real Estate & Construction 5-acre prime land sold for Rs 335 cr in Hyderabad Our Bureau
PRICEY PLOT: This plot of land at Jubilee Hills, measuring 22,659 square metres, was auctioned by the Hyderabad Urban Development Authority for a whopping price of Rs 1.42 lakh per sq mt in Hyderabad on Monday. - P.V. Sivakumar
Hyderabad , Feb. 20 IN a big-ticket realty transaction in the country, a Hyderabad-based consortium has successfully outbid 20 others for a five-acre site at Rs 335.25 crore. At an auction wherein 21 bidders from across the country took part, the consortium of NCC, Maytas and ICICI Venture offered Rs 1.42 lakh per sq metre, for a 23,659-sq metre land at the posh Jubilee Hills area of the city, adjacent the Kasu Brahmananda Reddy park. Emmar MGF, Serene Estates, DLF Retails, ITC Ltd, Taj GVK and Bhagyanagar Metals were among a host of others who participated in the bid. The auction hosted at the Hyderabad Urban Development Authority (HUDA) was not without its share of emotions. Tempers ran high, with the second highest bidder Mr G.S. Gupta of Shogun Mall Management (Hyderabad Central), who bid for 1.35 lakh per sq metre, expressing displeasure with the deal. Mr Gupta's offer was the highest in the open bid. However, in the sealed bids, the consortium managed to outbid and was chosen. Mr Gupta and Mr Irfan Razack, Managing Director of Prestige Estates, a Bangalore-based firm, argued that the sealed tenders should have been opened first so that bid amounts in the auction would have gone higher. According to the Auction Officer and the HUDA Secretary, Mr T. Venkataram Reddy, the entire process was handled in a transparent manner and there need not be any apprehensions. And in case of a tie between sealed tender and the openly bid amount, there would be auction between the two. The successful bidders have to deposit one fourth of the bid amount within seven days.
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