HMDA gears up for yet another e-auction

​Hyderabad: The Hyderabad Metropolitan Development Authority (HMDA) is gearing up for yet another e-auction of plots in the prime Uppal Bhagat lay-out and other areas of the State capital. With many development projects and activities on hand and some in the pipeline, the metropolitan body got nod from the government to pool up its own finances through sale of plots unlike other wings which mainly depend on government for financial assistance.

The large land bank available with HMDA is proving to be a backbone for it. This time it has decided to auction nearly 1.37 lakh of square yards (82 plots) out of which 1.32 lakh sq. yards are in fully developed Uppal Bhagat lay-out, located very near to Nagole Metro Rail station. A big demand and good price from realtors can be expected for the 67 vacant plots in this lay-out. 

Overall, HMDA is confident of garnering Rs 500 crore through e-auction of properties this time. HMDA chief T Chiranjeevulu said that upset price per one square yard in Uppal Bhagat lay-out was fixed as Rs 28,000. He stated that size of the plots was over 1000 sq. yards up to 4000 sq. yards. Apart from the lay-out in Uppal, HMDA lined up 15 plots for e-auction including six in Mailardevpally, two each in Attapur residential complex and Neknampur residential complex, Rajendranagar and in Vanasthalipuram, Chandanagar and Tellapur residential areas.

Registration process has commenced and interested citizens have to register by paying Rs 500 and GST extra until 5pm on September 6 for participating in the auction, which will be held online on September 8 (for Uppal Bhagat) and rest of the plots on September 9.

Those who win the bids have to pay 25% of the price within a week. Balance 75 percent has to be paid within 60 days from the date of confirmation of successful bidder. In case the successful bidder wants to avail the installment facility, the rest of the amount can be paid with 10% simple interest in 90 days, 12% interest in 180 days and 15% interest in a year. 

Also, HMDA had come forward to issue NOC for obtaining loans from banks subject to sanction of respective banks after. If bank approves loan, the registered Sale deed would be given directly to the bank. It may be recalled that metropolitan body is going for e-auction of its properties for the second time this year.

It sold 189 properties in April third week this year which promised to fetch Rs 350 crore to the metropolitan body. Almost four months completed from auction, the metropolitan body could only get only Rs 100 crore while legal issues surfaced over sale of over 70 properties. Uppal Bhagat lay-out has no such legal hassles and HMDA is expecting good response for the e-auction process this time.