HMDA auctions generate Rs.567 crore
Hyderabad: The State government generated a whopping Rs.567.25 crore through auction of residential open plots in the Hyderabad Metropolitan Development Authority (HMDA) limits and in a few districts. The auction, which commenced on March 14, concluded on Thursday. During the four-day auction, 1,356 plots in different sizes had gone under the hammer across the State. […]
Hyderabad: The State government generated a whopping Rs.567.25 crore through auction of residential open plots in the Hyderabad Metropolitan Development Authority (HMDA) limits and in a few districts.
The auction, which commenced on March 14, concluded on Thursday. During the four-day auction, 1,356 plots in different sizes had gone under the hammer across the State. Of these, 1,227 plots were successfully bid for by auctioneers, generating Rs.567.25 crore for the government.
Of this, Rs.334.72 crore was generated through auction of plots under the HMDA limits. The highest revenue of Rs.194.49 crore was generated through auction of 220 plots at Thorrur, followed by Rs.146.55 crore through auction of 77 plots at Bahadurpally.
In districts, the highest revenue of Rs.90.72 crore was generated through auction of 240 plots in Mahabubnagar as all the plots were successfully sold out. Similarly, auction of 201 plots at Gadwal generated Rs.51.91 crore with just one plot remaining unsold.
HMDA in association with Central Government enterprise MSTC Limited conducted the auctions. The 1,356 plots were located at Bahadurpally, Thorrur, Nalgonda, Mahabubnagar, Jogulamba Gadwal, Kamareddy, Peddapalli, Adilabad and Vikarabad.
The average bid price in Thorrur was Rs.27,890 per square yard, while the average bid price in Bahadurpally was Rs.30,087.79 per square yard. Similarly, the average bid price in Mahabubnagar was Rs.16,709.16 per square yard. The plots being auctioned were encumbrance-free lands with clear titles owned by the State government.
Officials had earlier expected to generate Rs.399.46 crore, but after the end of the four-day auction, the returns of Rs.567.25 crore surpassed all expectations.
“Considering the Covid impact, this was remarkable response for the auction from the bidders. This speaks volumes about the real estate sector in the State,” a senior HMDA official said, adding that for the leftover 129 plots, a fresh auction would be conducted after formal approval from the State government.
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