HYDERABAD: The auction of Mokila residential plots continues to rain mega bucks on the cash-strapped State government. On the third day of e-auctioning of 60 open plots in Mokila Phase-2 near Narsingi-Shankarpally road on Friday fetched Rs 132.97 crore which is Rs one crore more than the second day’s auction.
The three-day auction for 178 plots generated Rs 387.11 crore. There was an encouraging response in the e-auction as the Mokila site is close to highly developed areas such as Neopolis, Financial District, and Narsingi. The first day’s e-auctioning held on Wednesday generated revenues of Rs 122.42 crore, followed by Rs 131.72 crore on Thursday and Rs 132.97 crore on Friday.
As against the upset price of Rs 51.81 crore for the 60 plots, the total revenues generated was Rs 132.97 crore. The morning session generated Rs 69.62 crore for 30 plots and the afternoon session generated Rs 63.35 crore for 30 plots. The e-auction held on Friday saw the State government walk away with two times more than the market price per square yard.
The rates touched a high of 76,000 per square yard and the lowest value was Rs 55,000 per sq.yd. The average weighted price is Rs 64,159 per sq. yd (two times the base upset price).
All the 60 plots that were put up for auction having an extent of 20,725 sq. yds have been sold out.
HMDA 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 51.81 crore.
Of the total 300 open plots that are put up for e-auctioning, the remaining 120 plots at 60 plots per day will be auctioned on August 28 and 29 in two sessions.
The Phase-2 plots that were put up for auctions ranged from a minimum of 300 sq. yds to a maximum of 500 sq.yds. The HMDA has proposed a Residential Layout in an area of 165 acres with a total plots of 1321 of which 300 plots are now proposed for auction in Phase II of different sizes suitable for all sectors.