HMDA earns over Rs 6,000 crore through land auctions in Kokapet, Budvel
Bidders in both Kokapet and Budvel promptly completed their payments in accordance with the stipulated payment schedule
HYDERABAD: The Hyderabad Metropolitan Development Authority (HMDA) recently conducted e-auctions for various plots in sought-after locations such as Kokapet and Budvel, following the resounding success of previous e-auctions.
The land parcels up for auction encompassed acres of prime real estate, strategically divided into plots, with multifunctional zoning, permission for high-rise buildings, and unlimited Floor Space Index (FSI). The results of these auctions have been nothing short of spectacular, with competitive bids pouring in for land parcels in prime localities.
In Kokapet, seven plots totaling 45.33 acres were offered for e-auction on August 3, 2023. These plots ranged in size from 3.60 acres to 9.71 acres. The entire area offered for auction garnered an astounding Rs 3,319.60 crores, with an average of Rs. 73.23 crores per acre. The highest bid reached an impressive Rs. 100.75 crores per acre, highlighting the desirability of the location.
Similarly, in Budvel, the HMDA put up 100.01 acres for auction on August 10, 2023. This extensive area achieved a total sale amount of Rs. 3625.73 crores, at an average of Rs. 36.25 crores per acre. The highest bid in this locale reached Rs 41.75 crores per acre, underlining the significant interest from buyers.
H1 bidders in both Kokapet and Budvel promptly made their payments in accordance with the stipulated payment schedule. However, in the case of the Mokila layout, where smaller plots were auctioned, mainly to middle-class individual buyers, some payments have been delayed due to factors such as the time required for loan sanctioning. The HMDA is actively addressing these issues, taking into account the concerns of the affected parties and working towards resolutions.