Following a mediocre showing at the previous land sale, the Hyderabad Metropolitan Authority (HMDA) is preparing smaller parcel auctions to entice the middle class.
The city planning commission is currently debating whether to hold an auction for medium-sized properties. This may include plots of 150 yards or 300 yards in order to make it affordable for middle-class property buyers.
Previous auctions took place in places such as Bahadurpally, Thorrur, Narketpally (Nalgonda), Bhoothpur (Mahbubnagar), Gadwal (Jogulamba-Gadwal), Kamareddy, Anthergaon (Peddapalli), Mavala (Adilabad), and Yalal (Vikarabad).
The urban development authority marked the 600-yard plots for the construction of villas and apartments in the previous auction. Participants were cautious to bid on these because the starting price was kept at Rs 25,000.
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According to an HMDA press statement, the prior auction was held in areas with no apartment culture. By auctioning off plots in nine different places, the urban development agency raised Rs 567.48 crore. The auctions began on March 14 and ended satisfactorily on March 17.
Thorrur generated the most revenue (Rs 194.49 crore) from the auction of plots, followed by Bahadurpally (Rs 146.55 crore), Mahbubnagar (Rs 90.72 crore), Gadwal (Rs 51.91 crore), and Kamareddy (Rs 51.91 crore) (Rs 34.19 crore).
In eight districts, the Telangana government made open plots available for purchase without any legal stumbling blocks. A total of 1,356 available plots of various sizes were transparently auctioned off. One thousand two hundred plots were sold, while 129 remained unsold.
The average bid price in Bahadurpally was Rs 30,085 per square yard, while in Thorrur it was Rs 27,908 per square yard and in Bhoothpur in Mahbubnagar it was Rs 16,709 per square yard. Bahadurpally (101 plots) and Thorrur (123 plots) in HMDA limits generated Rs 334.72 crore of the total lands.
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