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Visakhapatnam, November 1, 2007

An acre in the city costs Rs. 5 crore

On Thursday, during an auction conducted by Visakhapatnam Urban Development Authority (VUDA) for development of 7 plots all measuring 73.79 acres at Madhurawada, the real estate boom reached Rs 5 crore per acre. The VUDA realized Rs.356.6 crores in the auction.

The bidders were New Delhi based Finishing Touch Development Private Limited-19.53 acres at the rate of Rs.5.15 per acre, Aditya HIDCO of Hyderabad-10 acres at Rs.5.015 crore, Mumbai based Neptune Developers – 5.90 acres at 4.51 crore per acre, Berggen Real Estate of Mumbai-5.30 acres at Rs.4.51 crore, Seven Hills Ligistics System of Hyderabad -3.50 acres at Rs.4.05 crore and Aditya Hiidco Private Limited of Hyderabad -1.25 acres at 10.101 per square yard.

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