Heard that CIDCO made whopping Rs 260 crore

Hi Vinay,

What a surprise to know that CIDCO made a revenue amounting to Rs. 260 in a single day by way of auctioning its residential as well as commercial plots. I dont understand the funda what made the builders start the bid at a higher rate although the real estate market is facing a grim situation. Though most of the localities are still under developed or in the process of getting developed, I am really surprised that some properties were sold in crores and were sold at much higher rate than their base rate quoted. I don't really understand whats wrong with the builders. Whatever happened has happened but anyway CIDCO has made a good money from these auctions.