HYDERABAD: The Hyderabad Metropolitan Development Authority has cancelled the bids of the 10 highest bidders in the recent eauction of residential plots in Phase-I of Mokila near Narsingi- Shankarpally road after they failed to pay the first instalment of 33% of the winning bid within the stipulated time frame.
The e-auction of 48 open plots in the Mokila layout under Phase-I had sparked an intense bidding war, with the highest bids reaching an average of Rs 80,397 per sq yd, with some plots being bid a whopping Rs 1.05 lakh per sq yd. However, the highest bidders (H1) of Plot Nos. 241, 242, 263, 273, 282, 283, 284, 312, 313 and 322 were unable to pay the 33% initial deposit within the specified seven-day window, leading to the cancellation of their bids.
Additionally, the Earnest Money Deposit (EMD) of Rs 1 lakh each was forfeited. These bidders have also been barred from participating in future auctions and have been placed on a blacklist by the HMDA. The HMDA has decided to re-auction these 10 plots. The payment schedule for successful bidders required the first instalment of 33% of the sale value, excluding EMD, to be made within seven days of receiving the Letter of Offer. Failure to comply would result in the forfeiture of the EMD.