E-auction: HMDA to earn Rs 202 cr

The second session of the e-auction for another batch of 18 plots was on till last reports came in.

By Author  |  Published: 7th Apr 2019  9:46 pmUpdated: 8th Apr 2019  1:46 am
HMDA

Hyderabad: Riding the positive real estate trend in the city, the e-auction of 36 plots in Uppal Bhagayath layout on Sunday promised to add Rs 202 crore to the Hyderabad Metropolitan Development Authority (HMDA) coffers.

The demand for plots in the city was reflected in the fact that some successful bids were made at almost three times the upset price fixed by HMDA.

In the e-auction, which was conducted in two sessions, HMDA generated Rs 64 crore in the first session and Rs 138 crore in the second. The e-auction of 31 more plots is slated for Monday. HMDA roped in MSTC, a Central government enterprise, to conduct the e-auction of 67 plots in total.

The plots were divided into different slots and the e-auction is being conducted in two sessions — 9 am to noon and 2 pm to 5.30 pm.

The 67 plots are spread over 1.31 lakh square yards and the HMDA authorities are expecting to generate good revenues as the upset price is fixed at Rs 28,000 per sq yard.

The auction took off on an encouraging note as against the upset price of Rs 28,000, the lowest quoted bid turned out to be Rs 60,900 per sq yard for a plot while the highest bid ended up at Rs 73,900 per sq yard for another in the first session.

According to the officials, in the first session, the average bid price was Rs 68,000, a clear Rs 40,000 more than the upset price fixed per sq yard. Among the 18 plots that were auctioned in the first session, a plot spread over 853 sq yards promised to bring almost Rs 5.73 crore to the HMDA coffers with a successful bid being Rs 67,200 per sq yard.

In the second session, the e-auction of another 18 plots with varying sizes from 1,180 sq yards to 1,576 sq yards, went on till late in the evening. The highest quoted bid price of Rs 67,500 per sq yard was for a plot and the lowest bid price of Rs 57,000 for another. The average bid price was Rs 61,000 per yard. “In all, the e-auction of 36 plots on day one generated around Rs 202 crore,” M Ramkishan, HMDA Secretary, said.

Since multi-purpose structures are permitted in the layout, builders can construct unlimited floor structures abutting the 30-m-width road, 15-floor structures next to 24-m-width road and 10-floor structures abutting the 18-m-width road. Unlike the last edition, HMDA officials claimed the e-auction went off smoothly without any technical glitches.