Hyderabad: After a mediocre show during the recently held land auction, the Hyderabad Metropolitan Authority (HMDA) adopting a newer strategy, is planning auctions of smaller plots to attract the middle class.
The urban planning body is now pondering over the auction of plots in the medium category. This may include plots ranging from 150 yards or 300 yards to make it affordable for the property buyers from the middle class.
The previous auctions were held at different locations including Bahadurpally, Thorrur, Narketpally (Nalgonda), Bhoothpur (Mahbubnagar), Gadwal (Jogulamba-Gadwal), Kamareddy, Anthergaon (Peddapalli), Mavala (Adilabad) and Yalal (Vikarabad).
In the previous auction, the urban development body marked the 600-yard plots for the construction of villas and apartments. The participants were hesitant to bid for these since the base price was kept at Rs 25,000.
According to a press release from the HMDA, the previous auction was held at locations that do not have apartment culture. The urban development body amassed revenue of Rs 567.48 crore by auctioning off plots at nine different locations. The auctions commenced on March 14 and successfully concluded on March 17.
The highest revenue was garnered through the auction of plots located at Thorrur (Rs 194.49 crore), followed by Bahadurpally (Rs 146.55 crore), Mahbubnagar (Rs 90.72 crore), Gadwal (Rs 51.91 crore) and Kamareddy (Rs 34.19 crore).
Telangana government provided an opportunity to buy open plots without any legal hurdles in eight districts. A total of 1,356 open plots of different sizes were auctioned in a transparent manner. Of them, 1,227 plots were sold while 129 found no buyers.
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