Hyderabad: Dismissing all apprehensions of the economic slowdown affecting the Hyderabad Metropolitan Development Authority (HMDA)’s e-auction of plots in Uppal Bhagayath layout Phase II, bidders have come out with an energetic response, even setting new highs for the bid price.
The highest bid price quoted in the first session, when 29 residential plots went under the hammer, was Rs.77,000 per square yard for a plot. This was against against the hightest of Rs.73,000 that was quoted when the HMDA conducted an e-auction in April, for plots from the same area. The lowest bid price quoted on Saturday, in the first session that is, was Rs.42,600 per square yard for another plot.
Under Phase II, HMDA is e-auctioning 124 plots spread over 1.65 lakh square yards till Monday. While the upset price was fixed at Rs.30,000 per square yard for residential plots, the same was Rs.40,000 per square yard for commercial plots.
Right from the beginning, the response was very encouraging. The average bid price quoted was Rs.60,450 per square yard. This is despite HMDA hiking the upset price to Rs.30,000 per square yard from Rs.28,000 per square yard.
Interestingly, though one of the plots is about 200 square yards, bidders quoted the lowest price per square yard for this plot. Another plot which is 166 square yards in size, saw bidders quoting the highest bid price of Rs.77,000. There could be different factors behind this demand as the plot could have two roads on two sides or vaastu parameters, etc., a senior HMDA official said.
The bidding for the first session was expected to be closed by 12 noon but went on till 4.30 pm as bidders evinced lot of interest, he said. For the 29 plots auctioned in the first session, as per the upset price, HMDA was expecting to get Rs.19.87 crore. However, going by the average bid price, the civic body could get more than Rs.40 crore, another official said.
29 plots in 2nd session
In the second session too, 29 plots are going under the hammer. When reports last came in on the second session, the highest bid price quoted was Rs.61,000 per square yard and the lowest bid price was Rs.37,000 per square yard. HMDA authorities are hoping to generate good revenue through these plots as well.
In April this year, HMDA had auctioned 67 plots and a whopping Rs.677 crore was quoted by the bidders. While the highest bid was of Rs.73,000 per square yard then, the lowest was for Rs.36,600 per square yard. Of the Rs.677 crore, already, about Rs.500 crore has been submitted by the successful bidders, while a few have appealed to the HMDA to permit balance payments in installments.