Hyderabad: The Hyderabad Metropolitan Development Authority (HMDA) is all set to conduct an e-auction of 26 open plots located in various parts of the city on August 18, 2023.
To participate in the auction, individuals, groups, companies, proprietary firms, partnership firms, trusts, registered societies, NBFCs, etc., need to register online.
The plots available in the auction are located in Bairagiguda, Manchirevula, Peeramcheruvu, Kokapet, Nallagandla, Chandanagar, Budvel, Bachupally, Chengicherla, Suraram, Ameenpur, Velmala, Patancheru, and Bowrampet. These localities are situated in Rangareddy, Medchal-Malkajgiri, and Sangareddy districts under the Hyderabad real estate market.
The highlights of these open plots in Hyderabad, as per the notification, are as follows:
- 100 percent clear assured title of government land with no encumbrances.
- Absolute ownership of the land.
- Residential/multiple use zones.
- No need for a change of land use.
- Plots ready for immediate construction.
- Plots are located in prime areas.
- Different sizes, suitable for all sectors and communities.
- Excellent road connectivity to all the plots.
Today is the last date for registration for the auction. The Earnest Money Deposit (EMD) amount for the auction is Rs. five lahks, and it needs to be paid on or before August 17, 2023. The upset prices for the plots in Hyderabad range from Rs. 12,000 to Rs. 65,000.
The auction for the open plots in Hyderabad will be conducted in two sessions on August 18. The first session will be held from 11 am to 2 pm, auctioning plots in Rangareddy and Medchal-Malkajgiri districts. In the second session, plots in Sangareddy district will be put up for auction.
Who is eligible for the auction?
To participate in the auction process for open plots in various parts of Hyderabad, individuals or companies need to satisfy certain conditions. They must be eligible to build/own commercial/multipurpose properties in India and must be competent to enter into the contract.
In the auction, Foreign Direct Investment (FDI) of up to 100 percent is permitted on the automatic route.
For more details, bidders can log onto the official website of HMDA (click here).
Open plots vs. flats in Hyderabad
To understand the pros and cons of flats and open plots in Kokapet or any other areas in Hyderabad, certain parameters need to be analysed.
Open plots will be a better option if flexibility in building a dream house as per one’s preferences and taste is a priority. In the case of flats, there is no complete freedom in deciding the structure of the house.
If higher returns are the top priority, open plots are a better option. Due to the limited supply of land, plots appreciate faster than apartments. Flats, on the other hand, are prone to deteriorate over time, which may lead to a decrease in their value.
When it comes to financial assistance, arranging funds for open plots may be a little difficult as the Loan-to-Value (LTV) for plots is less compared to flats in Hyderabad. On the other hand, financial assistance is easily available for purchasing flats.
Lastly, if the intention behind buying property is rental income, then flats will be a better option as income will not be generated immediately in the case of plots.
