HYDERABAD: Another mega e-auctioning of 300 land parcels will go under the auctioneer’s hammer next week in Mokila. Enthused by the response of e-auctioning 48 open plots in Mokila Phase-I near Narsingi-Shankarpally road last week which generated Rs 121.40 crore, the State Government has decided to auction about 300 open residential plots spread over five days in Mokila from August 23 to 29 in two sessions.
The cash-strapped State Government through HMDA is expecting to generate revenues of over Rs 800 crore to Rs 1,000 crore.
The plot sizes range from a minimum 300sq.yd to a maximum 500 sq.yd. Sixty plots will be e-auctioned per day by the HMDA which put these plots for e-auctioning through MSTC Limited, a Government of India Enterprise.
HMDA officials said that of the 300 plots, about 195 plots are of 300 sq.yd, 333 sq.yd (8), 367 sq.yd (8), 375 sq.yd (59), 400 sq.yd (20), 417 sq.yd (2), 458 sq.yd (2) and 500 sq.yd (6).
Registration of plots began on Monday and the last date for registration is August 21. A pre-bid meeting will be held on August 17 at the Mokila site. HMDA has fixed the minimum upset price of Rs 25,000 per sq.yd with an increment bid @ 1,000 per sq.yd or multiple thereof.
The layout is adjacent to 100 ft wide Shankarpally Road, which connects Neopolis, Wipro X Roads, Financial District. The radial road along ORR connects the project in 10 minutes with luxury gated communities which are rising.
It is planned with 1,321 plots (out of which 300 plots are now proposed for auction in Phase-II) of different sizes suitable for all sectors, and communities and proposed to develop with all infrastructure facilities such as black-topped roads with footpaths and central medians, underground sewage system and other amenities which will be completed within 18 months. All the plots are encumbrance free without any litigation.
The plots would give 100 percent clear assured title of the State government land and absolute ownership of the land.
The Mokila Phase-I held on August 7, 2023, saw an encouraging response from the bidders forcing the government to go for Phase-II auctions.
The 48 plots generated Rs 121.40 crore and rates touched a high of Rs 1.05 lakh per sq.yd, and the total revenue received through the two sessions of e-auction was Rs 121.40 crore, which is more than three times the market price per sq.yd. The average weighted price is Rs 80,397 per sq.yd, three times the base upset price with a high value of Rs 1.05 lakh per sq.yd and low value of Rs 72,000 per sq.yd.