HMDA Raises Rs 120 Crore as Medipally Plots Attract Strong Bidding

The Hyderabad Metropolitan Development Authority raised about Rs 120 crore in the Phase-III e-auction of residential plots at its Medipally Layout on Wednesday. It showcases the robust demand for intended residential developments.

Of the 68 residential plots on offer, 63 found buyers get directly from the e-auction. The top bid touched Rs 80,000 per square yard. However, the standard cost realised was Rs 56,260 per square yard. Different plots attracted spirited bidding, with numerous participants competing forcefully for prime properties.

According to HMDA officials, the strong response is from buyers in Hyderabad and neighbouring regions. It highlights the growing investor confidence in HMDA-developed layouts and the city's managed residential projects.

Situated in Medipally in the Medchal-Malkajgiri region, the plots range in size from 231 square yards to 643 square yards. HMDA had set the distress price at Rs 45,000 per square yard, with bid growths of Rs 500 per square yard or its multiples.

The officials said the Medipally Layout has grown with comprehensive infrastructure and amenities. Plot auction makes it appropriate for homebuyers across different income groups.

The auction was performed through MSTC Limited, a Government of India enterprise. Successful bidders should settle down 25% of the sale value, adding the EMD, within seven days of receiving the letter of offer. The amount of the balance, like the EMD, should be settled within 60 days.

However, the HMDA will perform an e-auction of 100 developed plots in its Mokila Layout at Shankarpally on June 29 and 30. The plots starting from 300 sq yd to 500 sq yd carry an upset cost of Rs 50,000 per sq yd, with bid increments of `500 per sq yd or several thereof.