The Hyderabad Metropolitan Development Authority (HMDA) generated Rs 503.448 crore in revenue by e-auctioning of plots in various parts of the state.
The plots were auctioned in Bahadurpally, Thorrur, Mahabubnagar, Jogulamba Gadwal, Kama Reddy, Peddapalli, Adilabad, and Vikarabad.
The auction, which began on March 14, successfully concluded on March 17.
The auction of plots in Thorrur generated the most revenue (Rs 152.02 crore), followed by Bahadurpally (Rs 146.55 crore) and Mahbubnagar (Rs 146.55 crore) ( Rs 75.65 crore).
The average bid price in Thorrur was Rs 28,566 per square yard, while in Bahadurpally it was Rs 29,833.83 per square yard.
In the meantime, the average bid price in Mahbubnagar for plots was Rs 17,009.44 per square yard.
Arvind Kumar, Special Chief Secretary and Metropolitan Commissioner of Municipal Administration and Urban Development (MA&UD) said on Twitter that the auction reflected Telangana’s growth.
ALSO READ: Four HMDA officials fined Rs 10,000 each for delaying files
He tweeted: “Government of #Telangana successfully auctioned residential plots in districts and realized Rs 500 crs in last three days reaffirms the robustness of state’s economy and citizens confidence @KTRTRS.”
Government of #Telangana successfully auctioned residential plots in districts and realised ₹500 crs in last three days
Reaffirms the robustness of state’s economy and citizens confidence @KTRTRS pic.twitter.com/ZE9vrx0EPD— Arvind Kumar (@arvindkumar_ias) March 16, 2022
HMDA competing with GHMC in revenue generation
The Hyderabad Metropolitan Development Authority (HMDA) was relying on the town planning department to generate revenue with a budget allocation of Rs 10 lakh. With several land auctions, it hopes to earn Rs 2,000 crore in the coming financial year, effectively surpassing the income of Greater Hyderabad Municipal Corporation (GHMC).
In addition to the land auctions, the municipal authority has set a target of Rs 800 crore for building and layout permissions.
ALSO READ: Four HMDA officials fined Rs 10,000 each for delaying files
According to a senior HMDA official, the planning authority has set a target of exceeding the GHMC annual income in the coming financial year. He said that since the introduction of transferable development rights (TDR), which allow the transfer of development potential from one plot to another, the planning wing’s income has dropped from Rs 1,000 crore to Rs 600 crore.
(This story has been sourced from a third-party syndicated feed, agencies. Raavi Media accepts no responsibility or liability for the dependability, trustworthiness, reliability, and data of the text. Raavi Media management/ythisnews.com reserves the sole right to alter, delete or remove (without notice) the content at its absolute discretion for any reason whatsoever.)
