Mokila phase-II too hotcake, Rs. 1 lakh a sq. yard highest: HMDA nets Rs.122 cr in auctions
The e-auction of Mokila layout phase-II on Wednesday has fetched Rs 122.42 crore for the Hyderabad Metropolitan Development Authority (HMDA) on the first day
- City News
NewsTAP Bureau- Updated On:24 Aug 2023 6:51 AM GMT
HYDERABAD: The e-auction of Mokila layout phase-II at Mokila village, Shankarpally mandal of Ranga Reddy district on Wednesday has fetched Rs 122.42 crore for the Hyderabad Metropolitan Development Authority (HMDA) on the first day.
With the layout being close to highly developed areas such as Neopolis, Financial District, and Narsingi, the rates have touched a high of Rs 1,00,000 per square yard. The HMDA garnered a total revenue of Rs 122.42 crore through the two sessions of e-auction, yielding more than two times the base value.
The proposed residential layout in an area of 165 acres and 60 open plots were put to e-auction on an online bidding process through the Central Government’s e-auction platform the Metal Scrap Trade Corporation Ltd (MSTC) with plots ranging from 300 square yards to 500 square yards. The total area put to e-auction on two sessions was 20,025 square yards.
The upset price for the e-auction was Rs 25,000 per square yard with bidding multiples of Rs 1,000 per square yard and the total anticipated estimated value of the saleable area as per the upset price was Rs 50.07 crore.
The average weighted price was Rs 63,512 per square yard which was more than two times the base upset price with a high value of Rs 1,00,000 per square yard and a low value of Rs 54,000 per square yard.
