Plot at Uppal Bhagat in Hyderabad goes for Rs 73,900 per sq yard

A square yard of land at Uppal Bhagat layout in Nagole went for a whopping of Rs 73,900 per square yard in an auction conducted by Hyderabad Metropolitan Development Authority on Sunday. The lowest bid amount was Rs 57,000.

The government fixed an upset price of Rs 28,000 per sq yard for the auction, which means a person cannot bid the amount lower than the price. The officials of HMDA overwhelmed by the response.

It has raked in Rs 64.54 crores for 18 plots for the auction conducted in the morning from 9 am to 12 pm while it fetched Rs 138 crores for 18 plots in the afternoon totalling of Rs 202 crores for 36 plots. The HMDA has put 67 plots for auction in its 630-acre layout.

The HMDA took over the land of 733 acres from farmers and was later developed as Uppal Bhagat Layout in 2015. Of the 733 acres, 104 acres were given to Hyderabad Metro Rail for construction of depot near Nagole. However, the farmers were given developed plots in the layout and the remaining 1.37 lakh was put up for auction.

Of the remaining 31 plots, the HMDA has auctioned 1,200-2,600 square yard plots in the morning session and 2,600-8,400 square yards of plots in the afternoon session.