The Visakhapatnam Metropolitan Region Development Authority (VMRDA) conducted an auction for the sale of 28 vacant plots in various layouts. The sale of 11 plots fetched about ₹11.3 crore to the urban development authority.
VMRDA secretary T Venugopal said the VMRDA issued a notification for the sale of 28 plots. “The auction conducted on February 9 received bids over and above the upset price for 11 plots.
One plot in Kurmannapalem was sold for ₹65,300 per square yard against the upset price of ₹35,000. Similarly, a plot in Kummaripalem layout received a bid for ₹28,500 per square yard, while the base price is ₹20,000.
These 11 plots, which have gone under the hammer, got bids at a premium in the range of 10% to 90%. The sale proceedings from these 11 plots stood at ₹11.13 crore,” said Venugopal.
VMRDA secretary added one plot was excluded from auction due to the interim orders given by HC. “These plots belong to different categories, including HIG, MIG and LIG. The sale received good response due to the litigation-free nature of VMRDA’s plots,” said Venugopal.