HYDERABAD: The Hyderabad Metropolitan Development Authority (HMDA), which expected at least Rs 500 crore from the sale of 93 plots in Turkayamjal, Bachupally and parts of Rangareddy and Medchal-Malkajgiri districts, was left disappointed as only three plots were sold in the e-auction held in the past three days.
The HMDA, which has been struggling with funds to execute pending development projects, had lined up the e-auction to mobilise resources. Of the 12 plots offered in Turkayamjal on Wednesday, only two were sold. One fetched 65,500 per sq yd and another `1.15 lakh per sq yd, against the reserve price of `65,000. The remaining 10 plots had no takers.
In Bachupally, 70 plots were put up for auction on Thursday with a base price of `70,000 per sq yd, but none were sold. On Friday, of the 11 stray bits offered in Bairagiguda, Kokapet, Chandanagar, Puppalaguda, Bachupally, Bowrampet, Chengicherla and Suraram, only one plot in Puppalaguda was sold at `1.22 lakh per sq yd against a base price of `1.20 lakh.
Officials had fixed reserve prices ranging from `35,000 to `1.75 lakh per sq yd. Sources said the weak response was due to high base prices, irregular plot sizes and poor promotion.
HMDA officials did not release details of the auction results. While in the past information was shared promptly when auctions were successful, officials this time avoided comment.