Despite economic slowdown, Uppal Bhagyath plots auction fetches HMDA Rs 849 crore

By Newsmeter Network  Published on  14 Dec 2019 4:16 PM GMT
Despite economic slowdown, Uppal Bhagyath plots auction fetches HMDA Rs 849 crore

Hyderabad: Despite the economic slowdown in the state, HMDA’s plot auction received overwhelming response on Saturday. The highest bid touched Rs 77,000 per square yard for a plot while 12 plots found takers at Rs 60,000 per sq yard. The land auctions are being conducted for three days and will see 127 plots in Uppal go under the hammer.

Online auction of Uppal Bhagayath plots fetched Hyderabad Metropolitan Development Authority (HMDA) a whopping Rs 172.27 crore. The e-sale of the plots, held on Saturday, indicates a real-estate boom in the Eastern corridor of the city. This is the second time that HMDA is auctioning plots in Uppal Bhagayath. They have hiked the prices by Rs 30,000 per square yard for domestic and Rs 40,000 for commercial plots.

In April this year, the municipal body auctioned 67 plots and earned Rs 677 crore. Buoyed by the successful sale, HMDA decided to sell another 58 plots. The overall sale of land in Uppal Bhagayath alone earned them Rs 849 crore.

On Saturday, December 14, HMDA held e-auction of the remaining 58 plots. A plot measuring 166 square yards, alone fetched them Rs 77,000 per sq yard, which was the highest bid of the day. In the first session of the e-auction, HMDA’s revenue stood at Rs 40.04 crore.

However, it skyrocketed during the second session. Hours after the first, the total revenue earned was Rs 132 crore. HMDA’s total income for the day was Rs 172.27 crore. The plots, selling like hotcakes, indicated the real estate boom in the eastern part of the city.

In the last few months, HMDA had received many requests from prospective buyers to initiate the auction process of the residual plots. The e-auction comes after several demands put forth by builders and potential property buyers.

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