STOCK MARKET BSE NSE

No takers for 9 commercials plots at HMDA e-auction on final day

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 Rs 116 crore.

Published: 17th December 2019 08:54 AM  |   Last Updated: 17th December 2019 08:54 AM   |  A+A-

By Express News Service

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.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp