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Tuesday, Jul 25, 2006

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AP HC stays plot auction at Izzat Nagar

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Hyderabad, July 24

The Andhra Pradesh High Court has issued a stay order on the auction of plots at Izzat Nagar near Hi-Tec City, hearing an appeal by some individual who claimed ownership on the said plots. The auction was scheduled to be held on Monday. The Hyderabad Urban Development Authority (HUDA) has decided to sell these plots on the surplus land under the Urban Land Ceiling Act, keeping in mind the skyrocketing land prices in and around the city. HUDA officials said those who registered for today's auction would be considered for the rescheduled auction once it was cleared by the court. Only last week, HUDA's auction of 15-plots at the Golden Mile layout at Kokapet near Rajendranagar fetched a record price and earned it Rs 703 crore. The highest bid for a five-acre plot was Rs 14.45 crore per acre and a total of 47 real estate companies participated in the bidding process.

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