Hyderabad, March 02: In the ultimate analysis, the plot did not come with a happy ending for the Hyderabad Metropolitan Development Authority (HMDA).
Having gone for auctions with an expectation of raising around Rs.150 crore, when the bids were opened on Monday the HMDA ended up with just Rs.23.37 crore.
This amount comes from successful auction of 65 of the 97 plots that were on offer.
The Nandagiri Hills plot spread over 4.795 acres did not do expected wonders as was expected by the cash strapped Authority which is desperate for revenues trickling into its coffer for different projects.
And with this plot failing to call curtains on the auction process on a happy note, the HMDA is left with Rs.23.37 crore, not really adequate to take care of its needs.
Call for introspection
Did the HMDA err in fixing a high upset price for Nandagiri site at Rs.23.95 crore per acre? Some officials do concede the need for a retrospective look at the pricing and coming up with more rational one to suit the prevailing market situation. “We were hopeful that it being a premier site, there will be demand,” says an official.
At the same time, the entire lot of 17 plots at Gopanpally Residential Complex successfully going under the hammer and logging in the highest quoted rate of Rs.22,126 per square yard against an upset price of Rs.11,000 per square yard did prove that end-users were willing to pay for good site and location.
Bid pricing
Incidentally, the bid pricing for plots here crossing the Rs.20,000 mark did surpass estimates of some HMDA officials who initially looked at it to be around Rs.18,000 per square yard.
At Nallagandla, while 44 plots were put for auction, 27 were sold while 13 of the 21 plots at Miyapur too found buyers.
The Ramachadrapuram Ring Town had six of the nine plots sold and one of the two plots at Tellapur Residential Complex too bringing in some respite for the HMDA.
Two plots at Asifnagar layout, one each at new and old layouts, did not find a single buyer.
-Agencies