The Times of India 11.10.2010
It's auction time again for HMDA
HYDERABAD: Buoyed by the response to land auction three months ago which fetched about Rs 67 crore, the Hyderabad Metropolitan Development Authority (HMDA) has decided to auction more plots in the first week of November.
In the past few years, HMDA had been auctioning only leftover plots in already developed areas like Nallagandla and Nandagiri Hills, but now for the first time, a new layout is being developed at Gopanpally near Gachibowli on three acres of land exclusively for the auction.
HMDA officials said the Authority owns about six acres land, but only three acres is litigation-free. About 20 plots will be developed with an extent of 300-500 sq yards in the proposed new layout. The HMDA authorities hope this land would be most sought after as the location is close to Gachibowli.
Apart from Gopanpally, a 2,000 sq yards plot at Asifnagar and another 2,000 sq yards plot at Chitra layout near Saroornagar would go under the hammer for auction. The urban development authority is also planning to put up for sale some more plots which could not be sold in the previous auction.
"The authority is planning to go for fresh land auction either in the last week of October or in the first week of November," a senior HMDA official said.
HMDA conducted auctions in July this year after a gap of three years. Of the 229 plots put up for auction, it sold 117 plots through e-bidding and raked in Rs 67.5 crore.
Incidentally, the previous auction's highest successful bidders, Sridevi and Prakash Reddy, who bought a 300 sq yards plot in Nandagiri Hills near Jubilee Hills for Rs 55,251 per sq yard, did not pay the remaining amount of about Rs 1.70 crore to the HMDA in the stipulated time. Hence, the officials gave the plot to the next highest bidder at the rate of Rs 45,000 per sq yard.
The couple had to forfeit the bid amount of Rs 10 lakh for failing to pay the amount.
In the Nallagandla layout, 47 of 98 plots were sold and the upset price was Rs 17,000 per sq yard. In Miyapur, 56 of 102 plots put up for auction were sold by HMDA. Realising that the upset prices fixed last time were the main reason for the good response, the authorities claim rates would be realistic this time too. In the previous bidding, the minimum upset price was Rs 10,000 per sq yard at Miyapur.
In the past few years, HMDA had been auctioning only leftover plots in already developed areas like Nallagandla and Nandagiri Hills, but now for the first time, a new layout is being developed at Gopanpally near Gachibowli on three acres of land exclusively for the auction.
HMDA officials said the Authority owns about six acres land, but only three acres is litigation-free. About 20 plots will be developed with an extent of 300-500 sq yards in the proposed new layout. The HMDA authorities hope this land would be most sought after as the location is close to Gachibowli.
Apart from Gopanpally, a 2,000 sq yards plot at Asifnagar and another 2,000 sq yards plot at Chitra layout near Saroornagar would go under the hammer for auction. The urban development authority is also planning to put up for sale some more plots which could not be sold in the previous auction.
"The authority is planning to go for fresh land auction either in the last week of October or in the first week of November," a senior HMDA official said.
HMDA conducted auctions in July this year after a gap of three years. Of the 229 plots put up for auction, it sold 117 plots through e-bidding and raked in Rs 67.5 crore.
Incidentally, the previous auction's highest successful bidders, Sridevi and Prakash Reddy, who bought a 300 sq yards plot in Nandagiri Hills near Jubilee Hills for Rs 55,251 per sq yard, did not pay the remaining amount of about Rs 1.70 crore to the HMDA in the stipulated time. Hence, the officials gave the plot to the next highest bidder at the rate of Rs 45,000 per sq yard.
The couple had to forfeit the bid amount of Rs 10 lakh for failing to pay the amount.
In the Nallagandla layout, 47 of 98 plots were sold and the upset price was Rs 17,000 per sq yard. In Miyapur, 56 of 102 plots put up for auction were sold by HMDA. Realising that the upset prices fixed last time were the main reason for the good response, the authorities claim rates would be realistic this time too. In the previous bidding, the minimum upset price was Rs 10,000 per sq yard at Miyapur.
