HYDERABAD: The e-auctioning of open developed plots in Phase-II of the Uppal Bhagayat Layout, near Nagole Metro Station, which began on Saturday, is turning out to be a jackpot for the Hyderabad Metropolitan Development Authority (HMDA). As against the expected Rs 98 crore, the HMDA bagged a whopping Rs 155 crore on day one.
While the upset price the HMDA fixed for residential plots was Rs 30,000 per sq yard, the highest bid was Rs 77,000 per sq yard, while the lowest amount at which a plot was e-auctioned was Rs 30,200 per sq yard. Most remaining plots fetched between Rs 60,000 and Rs 70,000 per sq yard.
As many as 58 plots, covering 32,821 sq yards, went under the hammer on Saturday. Fifty-two were successfully auctioned, and of the remaining six, no bids were received for two, and single bids were received for four, which stand cancelled.
E-auctioning will be held on Sunday and Monday for multipurpose and commercial plots. The HMDA will grant building permissions for plots in the layout as they are completely owned and developed by it, and there is no need to approach the GHMC for the same.
HMDA issued notification for e-auction of 124 plots, say officials
The beginning of the e-auction process on Saturday was affected by technical glitches, but after about 10 minutes, the auction commenced and proceeded smoothly. The HMDA had issued a notification for e-auction of 124 plots — residential, multipurpose and commercial — spread over 1,65,524 sq yards, officials told TNIE. Besides, three plots —which were auctioned in Phase-I —will be e-auctioned.
Those who bid successfully for these plots could not pay their dues to the HMDA, and their plot registrations were cancelled. The upset price for residential and multi-purpose plots is Rs 30,000 per sq yard, and for commercial amenities it is Rs 40,000 per sq yard.
There are 21 plots less than 300 sq yards, 37 between 300 and 500 sq yards, 13 between 500 and 1,000 sq yards, 32 between 1,000 and 2,000 sq yards, and 21 larger than 2,000 sq yards. Officials said successful bidders must pay the balance of the total cost of the plot within 60 days from the date of confirmation of a successful bid, duly deducting and adjusting the EMD paid.
Successful bidders who want to pay in installments would have to also pay the following interest rates: 10% simple interest up to 90 days excluding the initial 60 days, with 12 per cent interest up to 180 days minus the initial 60 days, with 15 per cent interest up to one year excluding the initial 60 days.