Auctions conducted by HUDA for the 100-acre ‘Empire’ project in Kokapet on Thursday did not evoke much response from bidders.

Of four 25-acre plots each on the strategically important location, only one plot was bid for by Omaxe, a Delhi-based company which quoted just Rs.1 lakh above the upset price of Rs.12 crore. Of the eight applications sold, only four bidders, all from outside the State, participated by depositing an EMD of Rs.7 crore each on the day of the auction.

But surprisingly even for that one plot, there was no competition and it was allotted to Omaxe at the price they quoted. The auction for the other plots would be held within a week.

The remaining three plots did not have any bids at all and one of the bidders wanted to know if they could just quote the upset price as there was no response. But HUDA officials made it clear that any offer should be over and above the upset price in multiples of Rs 1 lakh.

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Posted: 12|21|07 at 9:42 am. Filed under: Auction News.