HYDERABAD: The e-auction of 50 plots at Bachupally layout (The Hub of Life @ North City) conducted by the Hyderabad Metropolitan Development Authority (HMDA) received a huge response on Thursday with the buyers quoted prices significantly higher than the prices set by the State government.
According to officials, the total upset price for the 50 plots was Rs 34.09 crore, but the total revenue received through the auction was Rs 80.65 crore — more than double the base price. Out of the 73 residential plots under phase-1, 50 open plots (13,635.11 square yards) in Bachupally village, Medchal-Malkajgiri district were sold in two sessions through MSTC Limited, a Government of India Enterprise, on Thursday.
The minimum upset price of Rs 25,000 per square yard was fixed, but the highest price received was Rs 68,000 per square yard, with the lowest bid price at Rs 54,000 per square yard. The overall average bidding price per square yard was Rs 59,149, a 135% increase over the upset price. The e-auction for the remaining 23 residential plots will be held on Friday.
The reason for the good response is that the layout is adjacent to the stretch between Miyapur ‘X’ Roads and Gandi Maisamma ‘X’ Roads, and Bachupally ‘X’ Road sto Outer Ring Road. The layout is planned with varying sizes suitable for all sectors and communities, and it is proposed to develop with all infrastructure facilities, such as approach and internal black-topped roads with footpath and kerb on either side, central medians, underground sewage system, water supply distribution network with overhead tanks, stormwater drainage system, electrical power supply and street lighting, greenery and landscaping with avenue plantation.