Hyderabad Urban Development Authority to sell 164 acres of land in Budvel | INRnews
HUDA offers for sale approximately 164 Acres of land on ‘as is where is basis’ situated in Budvel Village (Survey Nos.282 to 290 &296(P)), Ranga Reddy District, suitable for the development on Mixed Use Basis (excluding any Industrial Activity). The site is 0.5 Km away from ORR and is connected to Hyderabad International Airport (to be operational from March, 2008) through ORR (under construction). It is also well connected to the Inner Ring Road through a 200 feet road passing adjacent to the NG Ranga Agricultural University, Rajendranagar. The site is located near Himayat Sagar.
On selection of the bidder HUDA will issue a Letter of Award (LOA) requiring the bidder for consenting the terms and conditions contained in the LOA within 2 days from the date of issue of LOA. On acceptance of LOA (to be submitted to HUDA within 2 days from the date of LOA ) the Developer shall incorporate a Special Purpose Vehicle (SPV) to Design, Develop, Finance, Construct, Market (sale/lease basis), and Operate and Maintain the Project .
The Developer shall adhere to the share holding in the SPV as per the terms and conditions as mentioned in this Bid Document. Developer (Successful Bidder) along with the SPV shall be jointly and severally responsible for the purpose of design, develop, finance, construct, market, operate and maintain the Project as detailed in this Bid Document. Sale Deed will be executed by HUDA in favour of Special Purpose Vehicle (SPV) only on receipt of Sale Consideration worked out by HUDA based upon the amount quoted by the Successful Bidder.
By INRnews Correspondent