Desperate HMDA to sell plots again

Feb. 10, 2009 - PRLog -- After a series of failures to sell plots, the Hyderabad Metropolitan Development Authority (HMDA) has once again decided to auction 259 residential, group housing, commercial and amenities plots in different locations of Hyderabad outskirts through e-tendering and sealed tenders.

Last time, the HMDA received a jolt when there was very little response from the public. Of the 83 plots put up for sale, only three were sold through e-tendering.The poor response from buyers disappointed the authority.It will be the fifth attempt in two years by the HMDA to auction the leftover plots. HMDA officials told Express that the plots being put up for sale are at the Miyapur Residential Complex (113), Nallagandla (107), Ramchandrapuram Ring Town (16), Vanasthalipuram Residentail Complex (2), Huda Techno Enclave Phase I & III (2), Nandagiri Hills Layout Phase-II (1), Nandagiri Hills Layout Phase-I and III (2), Asifnagar Old and New Layout (2), Mushk Mahal (6), Tellapur Residential Complex (2) and Hydernagar (5).

The last date for submission of bids is February 18 and financial bids will be opened on February 20. HMDA hopes to rake in anywhere between Rs 200 crore and Rs 250 crore from the auction of plots.Officials say that for some plots, the minimum upset price has been reduced so that more number of bidders can participate in the bidding process. Some others argue that the global economic recession and the decline of the real estate to a record low in Hyderabad, forced the HMDA to reduce the upset price.

With empty coffers staring HMDA in its face, it has become essential for the authority to sell the above-mentioned plots to raise funds to complete the important projects likes the country's longest elevated expressway, PV Narasimha Rao Elevated Expressway, from Mehidipatnam to Aramghar Junction to provide connectivity to the international airport at Shamshabad, the road overbridge at Kukatpally, and the flyovers at Hitec City and Langer Houz. To complete the real estate projects, the HMDA requires anywhere between Rs 150 crore and Rs 200 crore. If it fails to raise the required money, the projects will naturally get delayed. Chief Minister YS Rajasekhara Reddy is keen to see that see the projects are completed at the earliest.http://www.maaproperties.com/Pages/ModuleContent.aspx?Mod...

At Maa Properties, we have in-depth knowledge of property markets, extensive experience, specialized skills and resources necessary to provide an entire range of reliable and responsive property management services. No matter how far away you are currently located, our online services enable you to take charge of things and efficiently handle all property-related transactions back home.

We would like to take the opportunity to welcome all the community members living world wide to our real estate portal.(NRI)For More Information about Real Estate Hyderabad, India visit: http://www.maaproperties.com/

# # #

Maa properties provides property related transactions in Hyderabad like buy, sell, rent, lease, providing tenants, maintenance for nris under three services property deals, property analysis and property care.