HYDERABAD: The e-auction of residential plots in Mokila Phase-1 and Phase-2, situated near Narsingi-Shankarpally Road, conducted in August, has resulted in a total revenue generation of Rs 716.22 crore. Out of the 350 open plots (1,14,775 sq.yds) offered in both phases, 346 plots spanning 1,13,325 sq.yds have been sold.
The Hyderabad Metropolitan Development Authority (HMDA) is elated by the overwhelming response exhibited by bidders for these plots. Officials said the auction fetched double the upset price.
The auction for Mokila Phase-I, held on August 7, garnered considerable attention from bidders. The sale of 48 plots generated a revenue of Rs 121.40 crore.
Subsequently, the five-day e-auction for Phase 2, conducted from August 23 to 29, led to revenues of Rs 595 crore from 298 plots. However, two plot auctions were cancelled due to abnormal (wrong) bids. On the final day of Mokila Phase-2, held on Tuesday, the e-auctions for 60 plots generated an additional Rs 102.73 crore.
HMDA officials said that on the concluding day of the e-auction, the total revenue generated was 102.73 crore, against the upset price of Rs 46.75 crore.
The morning session contributed Rs 53.11 crore for 30 plots, while the afternoon session added Rs 49.62 crore for the remaining 30 plots. The bidding rates ranged from Rs 49,000 per sq.yd to Rs 64,000 per sq. yd, leading to an average weighted price of Rs 54,935 per sq.yd, which is twice the base upset price.