- HMDA to notify on Friday; Expects Rs 950 cr revenue
Hyderabad: Hyderabad Metropolitan Development Authority (HMDA) is gearing up for the third tranche of auction of Uppal Bhagat plots. A notice to the extent of 10 acres in the commercial layout will be issued on Friday.
The e-auction will be carried out for 138 plots with each ranging from 200 square yards up to 3.5 acres. The authority sees an increased demand for Uppal Bhagat plots they are situated in close proximity to the Warangal National Highway and Nagole Metro station.
HMDA had recently auctioned 67 plots in Uppal Bhagat phase-1, which netted Rs 677crore. In the third phase, it expects that with 138 plots up for sale, they could earn around Rs 950 crore against a minimum per square yard price expectation of Rs 30,000.
“MSTC is coordinating with HMDA on the auction proceeds. The plots sale by HMDA will get a good response given the confidence of investors, companies, and the general public. Whoever buys in HMDA auctions are assured of clear title,” said a senior official of the Authority.
The real estate activity at Uppal area is quite encouraging. Hyderabad city witnessed the highest price of Rs 73,900 per square yard earlier. During the auction for Uppal Bhagat phase-1, the minimum bid amount was Rs 57,000 per square yard. However, a plot near Metro Rail Depot at Nagole was auctioned for Rs 73,900 per square yard. HMDA forecasts good demand as the commercial layout comprises commercial, industrial and multi-purpose plots.
The land at Uppal Bhagat is ideal for not only residential purpose, but also for IT parks, commercial malls and high rise buildings.
HMDA acquired land from farmers in 2015 on a land-pooling initiative and developed Uppal Bhagat layout of 733 acres. Of this, HMDA allotted 104 acres to metro rail project.