While an acre of government land in Hyderabad fetched Rs 100 crore during the HMDA auction, the auction of government land in Visakhapatnam evoked no response at all.
The realtors seem to have no belief that the YS Jaganmohan Reddy government would function with Visakhapatnam as the state capital from Dasara onwards, even if the Chief Minister went on record saying so.
Their lack of confidence is fuelled by the poor response to the auction of the lands conducted by the Visakhapatnam Metropolitan Region Development Authority (VMRDA) recently.
The VMRDA has plans to mobilise funds by auctioning 87.8 acres of land in the Madhurawada region. It was planned to bring 14 bulk land parcels under the auctioneer’s hammer on September 29 and 30. But the auction plan did not receive a proper response, as the VMRDA quoted the price per square yard as less than Rs 30,000. The officials were shocked at the poor response to the auction.
It may be noted that earlier, when land parcels in the Madhurawada region were auctioned, they were sold at Rs 1 lakh per square yard.
