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BUDWEL - LAND AUCTION BY HUDA, HYDERABAD JANUARY 2008
HUDA has called for Bids from Developers for Development of 164 Acres in Survey Nos.282 to 290 &296(P) of Budwel Village for mixed use.
Budwel Village is in Rajendra Nagar beside Agricultural University. If we go from near APPA, we have Bandalaguda, Kismatpur and then Budwel.
The Project location is half kilometer from ORR and between Inner Ring Road and APPA, near Agricultural University and is definitely NOT easily accessible now. There is no direct entry to ORR, nearby. Definitely not an excellent location, since its not right beside the Main Roads to Airport.
Auction of for 164 Acres of land in Survey Nos.282 to 290 &296(P) of Budwel Village for mixed use purposes.
Qualifications of Bidders:
Since its better to leave Hyderabad based developers who might ask uncomfortable questions, HUDA has put in conditions which would disqualify them.
Should have at least 10 years experience in Real Estate Development
Should have COMPLETED at least ONE, Integrated township of 100 Acres!
Should have Average Gross Annual Turnover of not less than Rs.400 crores for the last three financial years
Bid Submission Date:
Technical and Financial Bids have to be submitted by 18.01.2008
The aim of HUDA is definitely to quickly raise money, by selling land, due to failure of recent auctions. The Govt. is surviving by cutting out chunks of public land and selling them, to raise money for expenditure! Definitely not the right way ahead.
If HUDA had good intentions to develop land on Public -Private Partnership (PPP) basis, then land should be leased out for the required purpose. Even though HUDA says an SPV is to be created, for the project execution, there is no mention of Govt.'s share in the SPV. Obviously this is pure sale of land. No amount of camouflaging can help to hide the fact that this is out right land sale and not a PPP initiative!
EMD is 10 Crore and unsuccessful bidders have to wait till HUDA places LOA on bidder. So if u are unlucky and HUDA is unable to place LOA (Letter of Award), money is locked for ever! Successful bidder has to pay 25% and then at LOA, 75%.
As usual with HUDA nowadays, there is NO commitment that the land is freehold and is free of any litigation! The most unfortunate thing right now in the Indian Real Estate Industry, is the fact that Large Developers have all raised Crores from public. Its easy Money with lakhs of small investors contributing their life's savings hoping to get rich.<BR>
The Companies have got riches, by tapping the market and they have nothing to lose in bidding and handing over Crores to Agencies like HUDA. Its not their money after all! There is no need to do a Title Survey or Legal Verifications!
If the Money was hard earned, these companies will never take risks like they have been taking with HUDA and APIIC. Recently questionable lands were purchased from HUDA by Omaxe, Puravankara etc.
Something to Hide??
Its surprising to note that though Technical bids will be open on 18th of January, there is no mention of Financial Bid Opening! Instead, HUDA says, the bids shall be valid for 6 Months and HUDA may extend this by another 6 Months! Why this delay?
Is land not in HAND??? Incidentally all bidders will find that EMD of Rs.10 Crore each, will not be returned by them till the award! Which means that if 25 Bidders participate and the highest bidder is selected after 1 year, HUDA will enjoy 250 Crore interest Free! Its another matter whether bidders will ever get the EMD back at all, considering the Golden Mile fiasco!
Wait and Watch
It would be interesting to see whether there is any response to the new cash raising adventure by the Govt., riding on the already sunken shoulders of HUDA! Wait for 18th Jan!