E-auction of plots at prime locations fetches Rs 202 crore for HMDA

HYDERABAD: The prime open plots, said to be the pride of HMDA, at Uppal Bhagayat near Nagole Metro Station that were put up for e-auction, on the first day have brought fortunes to the Hyderabad Metropolitan Development Authority (HMDA).

The e-auction of about 36 plots  (31,800 sq.yds) out of the total 67 (1,31,579.31 sq yds), were held in two sessions.  In the first session, HMDA rakes in Rs 64.55 crore and in the second session, Rs 137.45 crore was raised totalling of Rs 202 crore. The HMDA is highly elated with the response received from the prospective buyers. As against the upset price of Rs 28,000 per square yard fixed by HMDA, a bidder purchased the plot by bidding a whopping Rs 73,900 per sq.yds, which is more than double. The lowest bid was auctioned at Rs 57,000 per sq.yds.     

The 67 open plots developed in different sizes covering an area of 1,31,579.31 sq yds, only about 31,800 sq.yds covering 36 plots were auctioned on Sunday. The size of the plots ranged from 490 sq.yds to 1,546 sq.yds.

Big size plots (31) having an area of about 1 lakh square yards will be auctioned on Monday. HMDA is expecting to fetch another Rs 500 to Rs 600 crore revenue from Monday’s e-auction of big size plots.    

HMDA officials told Express that plots were developed in such a way that they are useful for individuals as well as builders and promoters, they can construct a big size house or residential, multi-storey apartments, hospitals, corporate offices and for other commercial purposes with no floor restriction in the multi-purpose zone in the HMDA developed layout.

Unlimited floors will be allowed abutting 30 metres width road, 15 floors abutting 24 metres and 10 floors with 18 metres width road, they said.    

HMDA developed this layout in about 70 acres by making 67 plots in Phase-II of various sizes which are multi-purpose zone and the State government has authorised HMDA to sell these 67 plots through e-auction. The registered applicants had to pay earnest money deposit (EMD) of 10 per cent of the estimated cost of the plot on the upset price fixed. Upon confirmation of the allotment, the bidder has to pay 25 per cent of the price in a week and the remaining 75 per cent EMD in  60 days. HMDA is also offering the option of instalments extending after 60 days, which may be paid over a year along with a certain rate of interest.