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Kokapet Continues To Lure Investors |
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The Golden Mile project at Kokapet continues to allure investors
despite running into rough weather because of the title deed dispute.
Even as the HUDA was finalising options to raise required money to
refund Rs.400 crores paid by the bidders as it could not hand over
their plots because of Court stay, interestingly it is learnt that an
international agency offered to buy the entire layout as a single lot
at the earlier auctioned price.
Title deed dispute
"The agency is well aware of
the title deed dispute yet it is keen to buy the property because of
its inherent potential and the strategic location. It is convinced that
the land belonged to Government, " say HUDA authorities.
"The Chief Minister who has been informed of the latest proposal gave his consent to consider it," it is said.
The
Kokapet auctions in July last year generated fierce bidding with
several big players from outside the State too participating. The HUDA
netted Rs. 702 crores from 15 plots, each in the range of two acres to
six acres totalling to 70 acres and one of the plots fetched it the
highest price of Rs.14.5 crores per acre.
High Court stay
The
bidders who made plans for commercial, hotel and residential projects
paid up Rs. 400 crores. With the High Court granting stay over a
petition that the land did not belong to Government but was part of
private lands purchased during Nizam's time, the HUDA could neither
develop infrastructure in the layout nor could hand over the plots to
the bidders.
With the stay not vacated even after eight months,
the bidders represented to the HUDA and the Chief Minister to refund
their money. The Government agreed to refund the money and HUDA started
exploring options to mobilise the money. One of the options was to
finalise the `Development Agreement' on the Tellapur Integrated
Township to get the first instalment of Rs. 405 crores from the
consortium that won the bid for development of 400-acre Tellapur
township.
Another option was to auction leftover plots in HUDA
layouts at Nandagiri Hills, Nalagandla, Miyapur etc., to partly meet
the required Rs. 400 crores to which HUDA's own resources would be
pooled. The last option is the international agency willing to buy out
the entire 70-acre Golden Mile project area.
All the three
proposals would materialise towards May-end and whichever proposal
would fructify first, the proceeds would be utilised to refund the
amount to Kokapet bidders, it is learnt.
SOURCES:
The Hindu
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AP News 
