AP News AP News HUDA to raise Rs2,500 Crores by Auctioning
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| HUDA to raise Rs2,500 Crores by Auctioning |
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Huda to raise Rs 2,500 cr Hyderabad Urban Development Authority (Huda)
has decided to raise at least Rs 2,500 crore by auctioning 250 acres of
land in Kokapet in Rajendra Nagar mandal of Ranga Reddy district.
The Huda has named the area “Calibre” which will be developed as
special economic zone (SEZ) for software companies. Huda is likely to
invite reputed IT firms to participate in the auction once the date,
rules and regulations of the auction are finalised. “We are expecting at least Rs 10 crore per acre,” said vice-chairman Jayesh Ranjan said. He said that the ‘Calibre” was hassle-free land unlike the 70 acres of the ‘Golden Mile’ which had dragged the government into a controversy after the land was sold at Rs 14 crore per acre in an open auction. The Huda was forced to return the money to 11 successful bidders after some persons approached the High Court claiming to be the owners of the land. The Huda has decided to raise Rs 5,210 crore in the current financial year. The Huda will remit Rs 2,200 crore in government’s treasury and utilise Rs 1,500 crore for the Outer Ring Road project, Rs 450 crore for the elevated express and Rs 500 crore for regular work. SOURCES: Deccan Chronicle             |