HYDERABAD: The e-auction of 58 out of the 300 open residential plots in Mokila Phase-2, located near the Narsingi-Shankarpally road, has generated a revenue of Rs 122.42 crore for the financially constrained State Government. This e-auction witnessed the State government securing double the market price per square yard.
During the auction, prices soared to a peak of Rs 1 lakh per sq. yd, leading to a total revenue accumulation of Rs 122.42 crore from the sale of 58 plots (measuring 19,275 sq. yds) out of the total 60 plots (measuring 20,025 sq. yds). This revenue figure is over two times the market price per sq.yd and stands significantly higher than the initial upset price of Rs 50.07 crore.
The weighted average price settled at Rs 63,512 per sq.yd, encompassing a range from Rs 54,000 per sq. yd to a peak of Rs 1 lakh per sq.yd. The auction of two plots was invalidated due to abnormal (wrong) bids. The two auction sessions of the day contributed to this remarkable revenue collection: In the morning session, Rs 58.11 crore was generated from the 30 plots and Rs 64.31 crore was amassed from 28 plots in the afternoon session.
The Phase-2 plot sizes available for auction range from a minimum of 300 sq.yds to a maximum of 500 sq. yds. The remaining 260 plots are slated for auction on August 24, 25, 28, and 29, organised in two sessions each day, totalling 60 plots per day. The Hyderabad Metropolitan Development Authority (HMDA) is conducting this e-auction through MSTC Limited, an enterprise under the Government of India.
Anticipation is high for the upcoming auction days, with HMDA expecting further revenue accumulation. Earlier this month, the auction of 48 plots in Mokila Phase-I raised Rs 121.40 crore. The HMDA had initially set an upset price of Rs 25,000 per square yard for the e-auction, with bidding increments of Rs 1,000 per sq. yd.
The total expected value of the saleable area, based on the upset price, was Rs 50.07 crore. The e-auction saw immense interest due to the vicinity of well-developed areas like Neopolis Layout, the Financial District and Narsingi, driving prices to Rs 1 lakh per sq.yd. Consequently, the total revenue collected during the two auction sessions reached Rs 122.42 crore.