HMDA nets Rs 80.65 crore revenue through e-auction of 50 plots

The e-auction of 50 plots in Bachupally, Medchal Malkajgiri district, witnessed enthusiastic participation of bidders

Hyderabad: The e-auction of 50 plots in Bachupally, Medchal Malkajgiri district, on Thursday witnessed enthusiastic participation of bidders and promising a revenue of Rs 80.65 crore.

The Hyderabad Metropolitan Development Authority (HMDA) had put for auction these plots measuring 13,635.11 square yards in Phase-1.

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While the total upset price value for these plots was set at Rs 34.09 crores, the auction today saw the bidding reaching Rs 80.65 crores, which is more than double the base price. The highest price received was Rs 68,000 per square yard.

While the upset price fixed was Rs 25,000 per square yard, the average bid price was Rs 59,149 per square yard which is a 135 per cent increase over the upset price. Another 23 plots located in Bachupally will be auctioned on Friday, said HMDA in a press release.