‘Sadavarti Satram’ lands auction nets Rs.60.30 crore

Monday, September 18, 2017

Satyanarayana Builders won the bid quoting Rs.60.30 crore in an open auction of the controversial sale of ‘Sadavarthi Satram’ land in Chennai today.

The bid price was nearly three times the bid amount of Rs.22.44 crore for which 83.11 acres of temple land at Thalambur village in Kancheepuram district of Tamil Nadu was sold in the auction by the AP Endowments Department in March 2016. AP Endowments Commissioner Y.V.Anuradha conducted the auction on the directions of the Supreme Court of India.

The auction was held at the auditorium of the TTD information centre in T.Nagar from 10am to 2pm in which 16 persons participated. The Regional Commissioner of Endowments Department and YSRCP MLA Alla Ramakrishna Reddy the original petitioner who approached the High Court were present as per the directions of the court. He also participated in the auction.

It may be recalled that the auction in March 2016 fetched Rs.22.44 crore but citing foul play and alleging that the valuable land of over Rs.1,000 crore was given away for a song, Alla Ramakrishna Reddy (RK) approached the High Court in April 2016 seeking fresh auction.

The government then offered to handover the land to those who pay Rs.5 crore in excess of Rs.22.44 crore and later told the court that it would conduct auction again. RK who had rejected the offer filed a review petition in the High Court. A Division Bench ordered in August fresh auction and fixed the minimum auction price of Rs.27.44 core.

The Supreme Court had rejected the plea of Sanjeeva Reddy of TDP to halt the fresh auction and upheld the High Court judgment. The court ordered RK to deposit Rs.27.44 crore with the Endowments Department and fixed September 15 and 18 as dates of e-auction and open auction respectively.

Related news

Comment on this story