HYDERABAD: The second-day e-auctioning of 60 residential open plots in Mokila Phase-II near Narsingi-Shankarpally road on Thursday has brought smiles in terms of revenues for the cash-strapped State government. The e-auctioning generated a record amount of Rs 131.72 crore which is nearly Rs 10 crore more than the previous day’s auction.
The first day of e-auctioning held on August 23 generated revenues of Rs 122.42 crore taking the total to Rs 254.14 crore for auctioning of 118 plots. Of the total 300 open plots, the remaining auction of 180 plots this is 60 plots per day will be auctioned on August 25, 28 and 29 in two sessions. As against the upset price of Rs 50.07 crore for the 60 plots, the total revenue generated was Rs 131.72 crore. The morning session generated Rs 68.03 crore for 30 plots and Rs 63.69 crore was generated for 30 plots in the afternoon session.
The rates touched a high of Rs 75,000 per sq.yd and the lowest value was Rs 56,000 per sq.yd. The average price is Rs 62,948 per sq.yd (two times the base upset price). All the 60 plots that were put up for auction having an extent of 20,925 sq.yd have been sold out.
The Hyderabad Metropolitan Development Authority (HMDA) has fixed the upset price of Rs 25,000 per sq.yd for the e-auction with bidding multiples of Rs 1,000 per sq.yd and the total anticipated estimated value of the saleable area as per the upset price is Rs 52.32 crore. There was an overwhelming response in the e-auction being close to the high developed areas such as Neopolis, Financial District and Narsingi, said the HMDA officials.
HMDA is expecting more revenues from the remaining three days of the auction. Earlier this month, the Mokila Phase-I (48) plots that were put up for auction were sold in good demand and generated Rs 121.40 crore.
The Phase-II plots that are put up for auctions range from a minimum of 300 sq.yd to a maximum of 500 sq.yd. The HMDA has proposed a Residential Layout in an area of 165 acres with a total plots of 1,321, out of which 300 plots are now proposed for auction in Phase II.
All the plots are encumbrance-free without any litigations, have excellent road connectivity, and are ready for immediate construction. The plots would give 100 percent clear assured title of the government land and absolute ownership of the land, added the officials.