Hyderabad, February 28: Clearly falling short of expectations nurtured by Hyderabad Metropolitan Development Authority (HMDA), the auction of plots in different layouts in and around the city attracted 425 bids. The bids are to be opened on Monday.
And the biggest disappointment for the HMDA in this auction happens to be Nandagiri land which turned out to be a dud after a false start. Measuring 4.795 acres, this bit of land at an upset price of Rs.23.95 crore per acre alone was expected to have raised a minimum of Rs.115 crore.
Midway through the auction process, a bid was indeed made for it but the party did not turn up with the mandatory demand draft for the bid amount at HMDA office till the closure of process on Saturday. “It turned out to be a bogus bid,” exclaimed an official. Meanwhile, the plot also got mired in legal issues.
Rs. 25-35 cr. expected
In absence of Nandagiri Hills plot bringing in the expected money, the total could be between Rs. 25 crore to Rs.35 crore whereas HMDA had originally set its sights on raising at least Rs.150 crore through these auctions.
This round of auction, however, clearly seems to establish the primacy of plots in and around Gachibowli IT areas given the response for Gopanpally followed by Miyapur plots. Last year in June, when HMDA went for auction with 229 plots through e-bidding, it could sell 117 plots and managing to raise around Rs. 67.50 crore. The one before this auction, however, turned out to be a disaster with only three out of 83 plots sold.
Mixed response
Though a final picture would emerge tomorrow when bids are opened and pricing understood, the response could be termed as mixed, neither really successful nor as dismal as it was during the real estate crash when not a single plot was sold in an auction.
-Agencies