The Hyderabad Metropolitan Development Authority (HMDA) conducted an e-auction of 50 plots at Bachupally layout on Thursday which received a huge response with the buyers quoted prices significantly higher than the prices set by the State government.
The total upset price for the 50 plots was Rs 34.09 crore, according to officials, but the total income generated during the auction was Rs 80.65 crore – more than double the base price. On Thursday, 50 open plots (13,635.11 square yards) in Bachupally village, Medchal-Malkajgiri district, were sold in two sessions through MSTC Limited, a Government of India Enterprise.
The minimum upset price was placed at Rs 25,000 per square yard, however, the highest offer received was Rs 68,000 per square yard, with the lowest bid price at Rs 54,000. The entire average bidding price per square yard was Rs 59,149, which was 135% higher than the upset price. On Friday, the e-auction for the remaining 23 residential plots will be held.
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The layout is adjacent to the stretch between Miyapur ‘X’ Roads and Gandi Maisamma ‘X’ Roads, and Bachupally ‘X’ Road to the Outer Ring Road, which explains the positive reception. The layout is designed with varied sizes that are appropriate for all sectors and communities, and it is projected to develop with all infrastructure amenities, such as approach and internal black-topped roads with footpath and kerb on either side, central medians, underground sewage system, water supply distribution network with overhead tanks, stormwater drainage system, electrical power supply and street lighting, greenery and landscaping with avenue plantation.
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