Hyderabad Metropolitan Development Authority (HMDA) plots auction 2012

The HMDA had in its budget estimates for 2012-13 proposed to raise about Rs 355 crore through sale of land and plots. "Even if the authority raises Rs 100 crore, it will be a great relief for HMDA," a senior official said.
By: Project India
June 19, 2012 - PRLog -- After dilly-dallying for months, the Hyderabad Metropolitan Development Authority (HMDA) has decided to issue a notification for auctioning plots soon. The auction will be conducted through e-bidding, where people have to quote their price online.

In the proposed auction, the authority would put up 44 plots, leftover plots in areas like Nallagandla, Miyapur, Ramachandrapuram, Tellapur and Gopanpally, for auction. The HMDA's land auction in July 2010 was overwhelming with good response for plots in Gopanpally, where it received bid of Rs 22,000 per square yard. In view of good response from people for plots in Gopanpally, the authority this time would put up a newly-developed layout in that area for auction.

The authority has not taken any decision on auctioning a parcel of land in Nandagiri Hills. The 4.7-acre land had been put up for sale and a bidder had quoted Rs 55,000 per square yard. After the allotment, the bidder had not paid the amount and the allotment was cancelled after taking the initial amount of about Rs 10 lakh.

"The date of auction and upset price for each plot will be finalized by the metropolitan commissioner on Monday," HMDA member (Estate) P Krishna Mohan Reddy told TOI.

Sources said the officials were considering reducing the upset prices of plots where there is less demand. The minimum price of plots is likely to be Rs 10,000 per sq yard in this spell.

The cash-strapped authority hopes to generate about Rs 120 crore through auction of plots. "If the response is encouraging, another round of auction will be conducted in the next two months," sources said.

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