Hyderabad: HMDA rakes in Rs 122.42 cr from auction of Mokila plots

Hyderabad: The e-auction of Mokila Layout phase-II has fetched Rs 122.42 crore on the first day for the Hyderabad Metropolitan Development Authority (HMDA). A total of 60 open plots were put to e-auction on online bidding process through the Central government’s e-action platform MSTC Ltd.

The plots, ranging from 300-500 syds and total area put to e-auction on two sessions on Wednesday was 20,025 syds. The HMDA has proposed a residential layout in 165 acres at 2 km from the Narsingi-Shankerpally road situated at Mokila village, Shankerpallymandal, RR District, as part of phase-II.

The upset price for the e-auction was Rs 25,000/sqyd with bidding multiples of Rs 1,000/ syd and total anticipated estimated value of the saleable area as per the upset price is Rs 50.07 crore.

“There is an overwhelming response in the e-auction being close to the high developed areas such as Neopolis, financial district, Narsingi. The rates have touched a high of Rs 1 lakh/sqyd and total revenue received through the two sessions of e-auction is Rs.122.42 crore i.e. more than two times the base value. The average weighted price is Rs 63,512/say, i.e. more than two times the base upset price with an high value of Rs 1 lakh/syd and low value of Rs 54,000/ syd,” informed officials.