HMDA earns a whopping Rs. 716 cr in auction of 350 plots in Mokila
A total of 60 plots were put up for sale at Rs 46.75 crore, and all of them were sold, earning an income of Rs 102.73 crore for the Authority
- City News
NewsTAP Bureau- Updated On:30 Aug 2023 6:18 AM GMT
HYDERABAD: The Mokila plots in Hyderabad Metropolitan Development Authority (HMDA) have witnessed a successful sale fetching a whopping amount of Rs. 716 crore for the 350 plots sold in the e-auction conducted in the first and second phases.
Out of these, a total of 346 plots were sold at good rates.
According to HMDA, the maximum price per square yard reached Rs 64,000, while the minimum price was Rs 49,000 in the second phase. A total of 60 plots, covering an area of 18,700 square yards, were put up for sale at Rs 46.75 crore, and all of them were sold, earning an income of Rs 102.73 crore for the Authority.
In the first round of the auction for Mokila plots, which took place on August 7, a total of 48 plots were sold in both sessions.
The highest price fetched per square yard was Rs 1,05,000, resulting in a total income of Rs 121.40 crore.
The second phase of the auction was conducted on various dates throughout the month, with 300 plots being put up for sale and 298 plots being sold. The five-day auction collected a total of Rs 595 crore with a huge demand on the last day as well due to which the overall income from both phases reached Rs 716 crore.
HMDA officials have noted that the minimum price for each plot in the Mokila layout has seen a two- or three-fold increase compared to the initial pricing of Rs 25,000. The Mokila area's proximity to Neopolis, the Financial District, and Narsingi, as well as the presence of existing villa projects, has led the buyers to compete in auction to purchase plots in the HMDA-developed layout.
