Hyderabad: All set for e-auction of Kokapet plots
The e-auction of eight plots covering 49.92 acres will be held on Thursday
Hyderabad: In what could elevate Hyderabad’s real estate market to a new orbit, Hyderabad Metropolitan Development Authority (HMDA) is all geared up for e-auction of eight plots covering 49.92 acres in Kokapet on Thursday.
Similarly, Telangana State Industrial Infrastructure Corporation (TSIIC) will conduct e-auction of five plots spread over 15.01 acres on Friday. The e-auction of 13 prime plots is aimed at cashing in on the positive sentiment in Hyderabad despite the covid pandemic impact.
Considering the covid impact on real estate sector in other cities, the e-auction notification in Hyderabad created a buzz among builders and developers as the minimum upset price is fixed at Rs.25 crore per acre and the minimum bid increment is Rs.20 lakh per acre or multiples thereof. More so, plots size ranges from 1 acre to 8.94 acres.
To ensure secrecy in the e-auction, details of those, who have registered to participate in the bidding process, are not disclosed even to government officials.
A member from CREDAI Hyderabad said this auction will further boost the real estate prospects in the city. Going by the pre-auction hype, many corporate giants are expected to participate in the auction, it is definitely going to shatter the past auction records and generate good revenue for the State government, said the member.
“Post auction, many prestigious projects, mostly commercial ones can be expected. This will trigger a new trend in Hyderabad” said the member.
The e-auctioning is being done by MSTC Limited, a central government-owned e-commerce enterprise. The time of e-auction for plot numbers 1, 2, 3 and 12 will be from 9 am to 12 noon. For plots 4, 13, Plot A in Neopolis and one plot in Golden Mile will take place from 2 pm to 5 pm.
Besides being adjacent to Outer Ring Road, these prime plots are surrounded by commercial hubs, recreational zones and are in close proximity to different IT hubs.
Already, Municipal Administration and Urban Development Principal Secretary Arvind Kumar had conducted a pre-bid meeting with developers and realtors last month regarding e-auction of Kokapet plots.
The State government has drawn big plans for developing Kokapet and many are underway. Electrical substations (400 ,220, 132 and 33 KV), new drinking water pipelines, an exclusive trumpet road connecting the Kokapet layout to ORR and 100 feet roads and underground electricity cables are among the infrastructure works proposed in the area.
The State government has already granted 5.3 acre of land to set up sub-stations and 9.3 acres of land parcel to Hyderabad Metropolitan Water Supply and Sewerage Board to develop drinking water supply infrastructure.
Auction advantages for bidders
– 100 per cent clear assured title of the government land, with no encumbrances
– Absolute ownership of the land
– Time-bound fast track approvals through single-window
– Unlimited FSI
– Multiple-use zone for office space, IT, residential, commercial, institutional and mixed use.
Bidding details
– Minimum upset price is fixed at Rs.25 crore per acre
– Minimum bid increment is Rs.20 lakh per acre or multiples thereof.
– Plots size ranges from 1 acre to 8.94 acres
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