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Visakhapatnam, Sept. 26

The Visakhapatnam Urban Development Authority (VUDA) got Rs 31 crore on Thursday, the first day of a three-day auction of residential plots at Madhurawada within the limits of the Greater Visakhapatnam Municipal Corporation (GVMC).

VUDA fixed the minimum price as Rs 12,000 a sq yard and the maximum realised was Rs 20,500 a sq yard. VUDA hopes to net Rs 100 crore during the 3-day auction. Earlier, VUDA used to conduct bulk auctions and sell the land to companies. But due to slowdown in the real estate market, VUDA has resorted to selling smaller plots for residential purposes.

— Our Bureau

More Stories on : Real Estate & Construction | Andhra Pradesh

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