HYDERABAD: On the final day of the three-day e-auction of open developed plots in Phase-II of Uppal Bhagayat Layout held here on Monday, the Hyderabad Metropolitan Development Authority (HMDA) failed to sell nine commercial plots. HMDA had planned to generate Rs 220 crore from these nine commercial amenities and multipurpose plots (53,968 square yards). The total revenue generated during the three-day e-auction was around Rs 365 crore, against the expected Rs 700 crore.
According to HMDA officials, bidders were reluctant to buy the commercial and multipurpose plots as they thought investing a huge amount in the plots when the surrounding areas were not yet developed would be futile as returns would take much time. Another reason, officials said was the high upset amount — `40,000 per sqyd for commercial amenity plots and `30,000 for residential plots.
On the final day of e-auction, 15 multipurpose plots (38,662 sqyds), ranging from 1,000-4,500 sq yds were put up for e-auction in the first session where HMDA expected to raise `116 crore. However, out of the 15 plots, only nine plots (18,092 sq yds) were purchased by the bidders. In the second session, all the nine commercial plots (53,968 sqyds) were up for e-auction but there were no takers for any of these plots. Each plot size varied between 2,000-18,861 sqyds. From these commercial plots, HMDA expected to generate revenue to the tune of over `215 crore at an upset price of `40,000. However, the plans went sour for HMDA dashing their hopes.
Total revenue generated
The total revenue generated during the three-day e-auction was about Rs 365 crore. Fresh dates will be announced for e-auctioning of pending plots.