VGTM-UDA sells prime plots at nominal price

GUNTUR: When the land prices are rising continuously in Guntur city of the new capital region, the VGTM-UDA has sold six plots for nominal prices in the prime locality of the city.

Eight acres of land in Vidyanagar of Guntur was donated to Panakala Lakshmi Narasimha Swamy temple of Mangalagiri by donors several years ago for maintenance of the temple.

The temple was situated at Mangalagiri and there was no one to protect those lands hence the temple committee seven years ago had decided to sell those lands by developing them into plots and handed over the lands to VGTM-UDA agreeing to pay development charges. Further VGTM-UDA developed 61 plots in the donated land and sold 54 plots in the year 2008 and seven plots remained unsold.

The land encroaching incidents have increased in the recent past hence VGTM-UDA has decided to sell the remaining plots and sold six plots during the public auction on September 11 for Rs 5.41 crore.

VGTM-UDA got the highest price of Rs 36,000 per square yard in the auction against actual market price of Rs 65,000 to Rs 75,000 in Vidyanagar area.

A real estate agent, B. Balaji Rao, said that the plots have become hot cakes in the city but these plots were sold for low prices compared to the market price. He said that the temple could have earned at least Rs 10 crore to Rs 15 crore if they have made good publicity about the sale of plots. He suspected that some political leaders have pressurised VGTM-UDA to sell those plots for nominal price.

VGTM-UDA chairman V. Srinivas Reddy said that VGTM-UDA sold those plots for Rs 26,200 to Rs 36,000 per square yard and defended that this is a very good price for vacant land in Vidyanagar. He ruled out anomalies in the plot auctions claiming the process was transparent and said that soon VGTM-UDA would conduct public auction for the remaining one plot.