Hyderabad: Mokila Layout phase-II e-auction from August 23

A total of 98,975 square yards, which will be available in 300 plots of various sizes, will be up for e-auction in the phase-II of Mokila layout

Hyderabad: The Hyderabad Metropolitan Development Authority (HMDA) on Monday released notification to conduct phase-II e-auction of 300 open plots at Mokila layout, Shankerpally mandal, Rangareddy district from August 23.

A total of 98,975 square yards, which will be available in 300 plots of various sizes, will be up for e-auction in the phase-II of Mokila layout. Like in the first phase, the upset price for the e-auction in the second phase will start at Rs 25,000 per square yard (Minimum Upset Price) with an increment of Rs 1,000 per square yard during bidding. The Earnest Money Deposit (EMD) to participate in the e-auction is Rs 1,00,000.

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During last week’s first phase of the e-auction at Mokila layout, the HMDA had received overwhelming response from investors. By the end of the e-auction in the first phase, the HMDA received revenue of Rs 121.40 crore, which was more than three times the base value. The cost of per square yard in the first phase of e-auction of Mokila layout reached a high of Rs 1,05,000.

Registrations to participate in the e-auction are open from Monday, August 14 and HMDA will conduct the pre-bid meeting with prospective buyers at 11 am on Thursday, August 17.

The last date for registration and submitting the EMD is August 21 and the dates of e-auction will be on August 23, 24, 25, 28 and 29 with authorities adding that a total of 60 plots will be auctioned every day.

The Mokila layout, which is spread over an area of 165 acre, is just two kilometers from Narsingi-Shankerpally main road. While a total of 50 open plots were put up for auction in the first phase, in the second phase, HMDA will put 300 plots for auction.