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Hyderabad News.HMDA Plot Auction at Uppal Bhagat layout near Nagole - Against Rs.28K base price bidders took rate upto Rs.74K!


(Excl Ventures News.)The Hyderabad Metropolitan Development Authority (HMDA) has realized a whopping Rs.677.85 crore through e-auction of 67 plots in the Uppal Bhagayath layout. HMDA has roped MSTC, a Central Government enterprise for conducting the e-auction of 67 plots. HMDA had fixed Rs 28,000 per square yard as the upset price for the plots. Against this, the lowest bid price quoted was Rs 36,600 per square yard and the highest bid price quoted was Rs 73,900 per square yard. The average bid price was Rs 51,516 per square yard, which was much higher than the amount anticipated by officials.
On day one, the auction was conducted for 36 plots spread over 31,865.50 square yards and on day two, 31 plots spread over 99,713 square yards went under the hammer. The auction took off a bit slowly on Monday but ended on an encouraging note as the bidders quoted their price very calculatedly. As against the upset price of Rs 28,000 per sq yard, the lowest quoted bid turned out to be Rs 42,100 per sq yard for a plot while the highest bid ended at Rs 50,700 per sq yard for another in the first session, said HMDA Secretary M Ramkishan. Unlike on day one, when auction was conducted for plots in about 500 square yards to 850 yards, on second day, the plots size varied from 2,630 square yards to 8,434 square yards. HMDA is facilitating payment of balance final bid amount in installments. Upon confirmation of the plot allotment, the bidder has to pay 25 per cent of the total bid amount within seven days. The balance 75 per cent can be paid in within 60 days without any interest. In case, the bidder seeks more time, 10 per cent simple interest will be charged upto 90 days excluding the initial 60 days. Similarly 12 per cent and 15 per cent will be charged as the number of days extend up to one year excluding the initial 60 days
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