HYDERABAD: With bids crossing an unprecedented Rs 100 crore per acre in the last e-auction conducted by the State government for the Neopolis Layout at Kokapet, all eyes are now on the Hyderabad Metropolitan Development Authority (HMDA) as it prepares to put 14 plots spanning 100 acres at Budvel in Rajendranagar under the hammer on Thursday.
The Budvel parcels of land are expected to generate over Rs 3,000 crore for the cash-strapped State exchequer. The auction is a strategic move by the State government to tap the burgeoning real estate market and bolster its financial resources. The 14 plots on offer vary in size, ranging from 3.47 acres to 14.33 acres, and are located in a multi-purpose zone developed by the HMDA in Budvel.
A minimum upset price of Rs 20 crore per acre has been fixed by the HMDA, with an increment bid set at Rs 25 lakh per acre or its multiples. If all 100 acres are successfully auctioned, the State government will get at least Rs 2,000 crore.HMDA officials are optimistic, understandably so considering the eight plots in Neopolis Layout, Kokapet, generated Rs 3,319.60 crore.
Budvel, rapidly emerging as a new growth hub, is strategically located with easy access to major infrastructure networks including the Outer Ring Road (ORR), Rajiv Gandhi International Airport (RGIA) at Shamshabad, and existing IT corridors.
The HMDA is investing Rs 200 crore in comprehensive social infrastructure development for the area, ensuring wide internal road networks, stormwater drainage systems, pedestrian walkways, dedicated power substations, and efficient water supply and sewage systems.
The e-auction will take place in two sessions, with seven plots going under the hammer in each session. The first session, scheduled from 11 AM to 2 PM, will feature the auctioning of plots 1, 2, 4, 5, 8, 9, and 10. The second session, slated from 3 PM to 6 PM, will include the auction of the remaining seven plots, 11, 12, 13, 14, 15, 16, and 17.
Successful bidders are required to make an initial deposit of 33 per cent of the plot’s sale value (excluding earnest money deposit) within seven days. The final payment must be completed within a month. Extensions beyond the 30-day period will incur an 18 per cent interest per annum on the balance amount, with no extensions granted beyond 60 days.
These plots offer an array of benefits, including clear and assured titles of government land, unlimited Floor Space Index (FSI), multi-purpose use designation, excellent road connectivity and hassle-free approvals through a streamlined single-window process.
