Hyderabad, January 18: With the prevailing political uncertainty, dipping of land values and prospective land buyers shying away, the Hyderabad Metropolitan Development Authority (HMDA) has decided to put the auction of prime open plots on hold.
Due to severe financial crunch, the HMDA had to go for open land auctions early this year. Because of empty coffers, certain ongoing projects have hit a roadblock.
HMDA officials told Express that plans to auction prime plots in Greater Hyderabad through e-bidding has been put on hold.
The HMDA planned to auction plots in Nandagiri Hills, Chandanagar, Tellapur, Miyapur, Ramchandrapuram and Nalagandla to raise over Rs 200 crore.
“Going ahead with auctions at this juncture is nothing but burning our own hands. Even at the minimum prices prescribed by us, buyers are not interested to purchase lands,” HMDA officials said. They added that people were more keen on purchasing gold jewellery as safe investment.
Officials said the present estimated deficit of HMDA is about Rs 1,000 crore. The HMDA therefore is hoping the state government sanctions Rs 893.5 crore and the GHMC release Rs 100 crore in development charges.
Ongoing projects put on hold are the Outer Ring road (ORR), radial roads, three intermediate ramps along the PV Narasimnha Rao Elevated Expressway, pending flyovers at Kukatpally, sports complex at Kattedan, modern bus terminus in Secunderabad and road over bridge at Sanjeevaiah Park.
–Agencies