Increases upset price to Rs 30,000 per square yard for residential and Rs 40,000 for commercial plots Hyderabad: Buoyed by the success of auctioning plots in Uppal Bhagayath layout, Hyderabad Metropolitan Development Authority (HMDA) is now all set to e-auction the remaining plots in the layout by increasing the upset price to Rs 30, 000 per square yard for domestic and Rs 40, 000 for commercial plots.
In April this year, HMDA had auctioned 67 plots at Uppal Bhagayath and a whopping Rs 677 crore was quoted by the bidders for an upset price of Rs 28,000 per square yard. Of the Rs 677 crore, already, about Rs 500 crore has been submitted by the successful bidders while a few others had appealed to the HMDA to permit balance payments in instalments.The average bid amount in April was Rs 51, 516 per square yard, the highest bid amount was Rs 73,900 per square yard while the lowest was Rs 36,600 per square yard. Now, given the positive mood in real estate sector in the city and the overwhelming response from bidders, the upset price has been increased to Rs 30,000 per square yard.
“This is an indication of the real estate boom in the city. The upset price is increased in tune with the demand for open plots from bidders. We are sure, the response will be good,” said a senior official from HMDA. Senior members of CREDAI Hyderabad said that the increase in the upset price is a reflection of government’s look East initiative and the promise of development in Eastern parts of Hyderabad.
In the last few months, the HMDA had received many requests from prospective buyers to initiative the auction process of the leftover plot. Accordingly, HMDA is now e-auctioning the nearly 124 leftover plots.
Out of the 124 plots, nearly 100 are domestic plots and rest are commercial and multiple use plots. The plot size varies from 130 square yards to 18733 square yards and all out together nearly 1.59 lakh square yards will be
going under the hammer.
After issuing notification for e-auction of 124 leftover plots on Friday, a brochure is likely to be released on Tuesday. The e-auction will be conducted on December 14, 15 and 16 and a pre-bid meeting will be conducted on November 28 at HMDA office in Tarnaka. Last date for online registration is December 11 and registration fee is Rs 500.