HYDERABAD: The cash-strapped Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a major e-auction of developed plots in Mokila and Medipally layouts, along with a prime land parcel in Hakeempet, with an expected revenue of around Rs 1,500 crore.
According to officials, 100 plots in Mokila Layout will be auctioned on June 29 and 30, 68 plots in Medipally on June 24, a prime land parcel in Hakeempet on June 19 and seven stray bits on June 17.
For the 8.24-acre Hakeempet land parcel, HMDA fixed an upset price of Rs 99 crore per acre with a minimum increment bid of 25 lakh per acre. In Mokila Layout at Shankarpally in Rangareddy district, the 100 plots ranging between 300 sq yards and 500 sq yards have been assigned an upset price of Rs 50,000 per sq yard, with a minimum increment bid of Rs 500 per sq yard.
For the 68 plots in the Medipally layout in Medchal-Malkajgiri district, HMDA fixed an upset price of Rs 45,000 per sq yard with a minimum increment bid of 500 per sq yard.
The authority will also auction six stray bits located in Chandanagar, Narsingi, Bairagiguda in Gandipet, Bowrampet in Gandimaisamma, Suraram in Qutubullapur and two plots in Peerzadiguda. The upset price for these plots ranges between Rs 40,000 and Rs 60,000 per sq yard with a minimum increment bid of Rs 1,000 per sq yard.
Officials said the layouts in Mokila and Medipally were planned with infrastructure facilities catering to all sections of society. The e-auctions will be conducted through MSTC Limited, a Government of India enterprise.
Successful bidders must pay 25% of the sale value, excluding EMD, within seven days from the issue of the letter of offer. The balance amount, including EMD, must be paid within 60 days.
HMDA said bidders opting for instalment payments would be charged 10% simple interest up to 90 days beyond the initial 60-day period and 12% interest up to 180 days. The authority will also issue NOCs for bank loans and forward registered sale deeds directly to banks after sanction.