Mokila layout: HMDA bans bidders for non-payment of initial deposits
The HMDA has also warned that if any of the bidders fail to pay the Initial Deposit/First Installment amounts, they will not be allowed to participate in future auctions and will be kept in block list
Hyderabad: The Hyderabad Metropolitan Development Authority (HMDA) on Monday said that out of 50 plots that were successfully e-auctioned recently, the bidders of plot numbers 241, 242, 263, 273, 282, 283, 284, 312, 313, 322 failed to pay the Initial Deposit (25 percent) amount even after giving ample time to them.
As a result of non-payment, cancellation letters have been issued to the above plots duly forfeiting the EMD (Earnest Money Deposits) amounts and these defaulters will be not allowed to participate in future auctions also, HMDA in a press release said.
The HMDA has also warned that if any of the bidders fail to pay the Initial Deposit/First Installment amounts, they will not be allowed to participate in future auctions and will be kept in block list.
The selected bidders must pay the installments as per the payment schedule prescribed in the brochure conditions. Otherwise the necessary action for cancellation of allotment and forfeiture of EMD will be taken as per the brochure conditions and no relaxation/extension will be given at any circumstances.
