Uppal Bhagayath: First instalment by April 23

By Author  |  Published: 16th Apr 2019  12:00 am

Hyderabad: The Hyderabad Metropolitan Development Authority (HMDA) has issued allotment letters to the highest bidders in the Uppal Bhagayath plots auction and instructed them to make the first installment payment before April 23.

The highest bidders have to pay 25 per cent of the bid amount before the deadline. In case, the bidders fail to make the payments, the Earnest Money Deposit (EMD) of such bidders would stand forfeited and the auction for the particular plot will be cancelled.

For the convenience of bidders, HMDA is also extending payment of balance amount in installments by levying simple interest for the payment tenure. The first two months will be interest-free.

However, this facility will be applicable only after paying the first installment of 25 per cent of bid amount before April 23, explained a senior official.

Officials said the refund of EMD to unsuccessful bidders was almost completed and it was done online and the bidders have to log in the registration numbers, username, password and click on the refund option, he said.

Cashing in on the positive trend in real estate, HMDA was assured of getting richer by Rs 677.85 crore through the e-auction of 67 plots in the Uppal Bhagayath layout. The e-auction was conducted on April 7 and 8.

HMDA had roped MSTC, a Central government enterprise for conducting the e-auction of the plots spread over 1.31 lakh square yards.

HMDA had fixed Rs 28,000 per square yard as the upset price for the plots. While, the average bid amount was Rs 51,516 per square yard, the highest bid amount was Rs 73,900 per square yard and the lowest was Rs 36,600 per square yard.