A sq yard fetches Rs.1.05 lakh at Mokila in HMDA auctions near Shankarpalli
A total of 50 open plots were placed up for e-Auction on an online bidding procedure through M/s MSTC
HYDERABAD: The price per square yard in the e-Auction of the Mokila layout held by the Hyderabad Metropolitan and Development Authority (HMDA) on Monday reached a high of Rs 1, 05, 000, setting another record after Neopolis e-Auction.
The e-auction received an overwhelming response due to its proximity to high-developed areas such as Neopolis, Financial District and Narsingi etc. The rates have reached a high of Rs.1,05,000 per square yard, and the total revenue received through the two sessions of e-Auction is Rs: 121.40 crores, which is more than three times the base value.
A total of 50 open plots were placed up for e-Auction on an online bidding procedure through M/s MSTC, with plot sizes ranging from 300 square yards to 500 square yards, and the total area put up for e-Auction on two sessions today is 15,800 square yards.
The upset price for the e-Auction is Rs.25,000 per sqyd with bidding multiples of Rs.500 per sqyd and total anticipated estimated value of the saleable area as per the upset price is Rs.40.00 crores. The average weighted price is Rs 80,397 per square yards three times the base upset price with a high value of Rs: 1,05,000 per square yards and low value of Rs 72,000 per square yards.
The government intends to hold the next auction as Phase-II very soon based on the demand and response demonstrated by the bidders during the participation of the e-Auction and at the rates quoted.