Auction of 38 Hyderabad plots sees bleak response

Officials said the notification for the unsold plots will be issued in the next three days.

Published: 19th January 2023 09:24 AM  |   Last Updated: 19th January 2023 09:24 AM   |  A+A-

Express News Service

HYDERABAD: Even though a plot in Gandipet was auctioned at a record price of Rs 1.11 lakh per square yard, the e-auction of 38 land parcels by the Hyderabad Metropolitan Development Authority (HMDA)  received a lukewarm response on Wednesday. Against the expected earnings of Rs 750 crore from the sale of 38 plots, the HMDA was only able to accrue Rs 195.24 crore from the auction of nine plots (32,730 square yards).

The land parcels that went under the hammer on Wednesday include lands parcels in Ameenpur, Patancheru, Ramachandrapuram and Jinnaram in Sangareddy district, in Quthbullapur, Ghatkesar, Bachupally, Kukatpally and Gandi Maisamma in Medchal-Makajgiri district and in Gandipet and Serilingampally in Rangareddy district. Officials said the notification for the unsold plots will be issued in the next three days.

Only Rs 195 cr generated in e-auction of Hyd plots

The total upset price value for the sold plots was Rs 146 crore, while the upset price for the Gandipet plot, which fetched a record value, was Rs 1.10 lakh per square yard. The auctioning process was conducted by MSTC Limited, a Government of India enterprise, in two sessions. In the morning session, stray bits were auctioned for 10 plots in Rangareddy district and only three plots (12,584 sq.yds and upset price value Rs 82.76 crore) were sold and an amount of Rs 98.01 crore in revenue was generated.    

For eight plots in the Medchal-Malkajgiri district, four parcels (12,160 sq.yds and upset price of Rs 55.30 crore) were sold Rs 62.09 crore. In the afternoon session, stray bits were auctioned for 17 plots in Sangareddy district and only two plots (7,986 sq.yds at an upset price of Rs 8.20 crore) were sold and an amount of Rs 35.14 crore revenue was generated.

Experts said prospective bidders, including builders, realtors and developers, might have not shown interest as most of the land parcels that were put for auction were stray bits. Previous auctions evoked a great response with buyers quoting prices much higher than the upset prices quoted by the government, HMDA officials said.  All the plots are encumbrance free, have good road connectivity, ready for immediate construction and don’t require any change of land use.


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