Hyderabad: Hyderabad Metropolitan Development Authority (HMDA) is all set to conduct an e-auction of seven open plots in Kokapet on August 3, 2023. The pre-bidding meeting is scheduled to be conducted on July 20, 2023.
The minimum upset price is set at Rs. 35 crore per acre. The last date for registration for the open plots is July 31, 2023.
Who is eligible for the auction?
In order to take part in the auction process for open plots in Kokapet, 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 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 analyzed.
Open plots will be a better option if flexibility in building a dream house as per one’s preferences and taste is the 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 when 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.
