HYDERABAD: The Hyderabad Metropolitan Development Authority (HMDA) has announced its plans to conduct a second phase e-auction of prime plots in Bachupally near the Outer Ring Road (ORR) and Medipally layouts, both located in the Medchal-Malkajgiri district, in order to increase revenues for the cash-strapped State government. The auction is set to take place between May 22 and May 25 and will include 133 prime plots in Bachupally and 85 plots in Medipally. It is estimated that this auction will generate revenue of around Rs 300 crore for the government.
To address the financial challenges faced by the government, it is turning to land auctions as a means of generating revenue. The HMDA has partnered with MSTC Limited, a Government of India enterprise, to conduct the e-auction of these plots.
In the previous month, the HMDA achieved record revenue of Rs 116 crore by selling 73 open plots in Bachupally. The upset price was Rs 49 crore, but the HMDA received a bid of 135 per cent over the reserve price. The minimum upset price for each square yard was set at Rs 25,000. During the auction, HMDA received the highest bid of Rs 68,000 per sq yd for a plot in Bachupally.
The upcoming auction will include 133 prime plots in Bachupally, ranging in size from 265 sq yds to 576 sq yds, and will take place over three days from May 22 to 24. Additionally, 85 plots in Medipally, varying in size from 230 sq yds to 643 sq yds, will be e-auctioned on May 24 and 25. These plots are located in multiple-use zones, making them ideal for the construction of multi-storeyed buildings, and no change of land use is required.
HMDA officials told TNIE that the minimum upset price for Bachupally plots is set at Rs 25,000 per square yard, while for Medipally plots, it is Rs 32,000 per sq yd. The increment bid is fixed at Rs 500 per sq yard or in multiples thereof. The Earnest Money Deposit (EMD) for each plot is Rs 1 lakh, and the last date for registration is May 19 and 20 for Bachupally and May 22 and 23 for Medipally. The registration fee for each plot is Rs 1,180, inclusive of GST. A pre-bid meeting will be held for Bachupally plots on May 8 and for Medipally plots on May 9.