HYDERABAD: Buoyed by the enthusiastic response to the e-auction of 48 open plots in Phase-I earlier this month that fetched it Rs 121.40 crore, the State government is set to put another 300 residential plots in Mokila near Narsingi-Shankarpally road under the hammer between August 23 and 29.
The Hyderabad Metropolitan Development Authority (HMDA), through the MSTC Limited, a Government of India enterprise, has put the plots, ranging from 300 sq yds to 500 sq. yds, up for auction.
Accordingly, 60 plots will go under the hammer per day in two sessions (morning and afternoon) on August 23, 24, 25, 28 and 29. The State government is expecting to generate revenue between Rs 800 crore and Rs 1,000 crore through the process, officials said.
The HMDA has fixed a minimum upset price of Rs 25,000 per sq. yd with an increment bid of Rs 1,000 per sq. yd or multiples thereof. Of the 300 plots, 195 are 300 sq yds and the remaining are of various sizes: eight plots are 333 sq. yds, another eight 367 sq. yds, 59 measure 375 sq. yds, 20 are 400 sq. yds, two plots are 417 sq. yds, another two are 458 sq. yds, and six are 500 sq. yds each. The 165-acre layout has a total of 1,321 plots (300 of which are now proposed for auction in Phase II).
Facilities to be ready in 18 months: Officials
The plots will have several infrastructural facilities such as black-topped roads with footpaths and central medians, an underground sewage system, a water supply distribution network with overhead tanks, a stormwater drainage system, an electrical power supply and street lighting, among others, within the next 18 months, the officials said.
The plots are zoned for residential use for interested individuals and agencies for the construction of houses, buildings and apartments. The layout is adjacent to 100-foot-wide Shankarpally Road, which connects Neopolis Layout, Wipro X Roads and the Financial District. The radial road along the ORR is 10 minutes away.
All the plots are encumbrance free without any litigations, have excellent road connectivity and all plots are ready for immediate construction, said officials, adding that the plot owners would be given 100 per cent clear assured title of the government land and absolute ownership of the land.In the Phase-I of the e-auction held on August 7, the sale of 48 plots generated revenue of Rs 121.40 crore. While the rate touched a record Rs 1.05 lakh per sq. yd, the average weighted price stood at Rs 80,397 per sq. yd.