Visakhapatnam, November 13, 2005
Auction of flats in Sagarnagar by Visakhapatnam Development Authority evoked poor response on Sunday. Of the 41 flats in HIG, MIG and LIG categories put for sale at the public auction, only 26 were sold. The highest bidder for HIG had bid for Rs.10 lakhs, while the MIG and LIG respectively fetched VUDA Rs. 4.40 lakhs and Rs.2 lakhs.
The flats were auctioned after serving cancellation orders on the allotees including some sitting and former MLAs for default in payment of instalments, ignoring repeated demand notices. Relaters said that the slump in real estate business due to a variety of reasons and dilapidated condition of the flats put up for auction were responsible for not encouraging response.
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