The city can now look forward to some fast progress of different infrastructure projects taken up by the Hyderabad Metropolitan Development Authority (HMDA) with the body appearing set to get around Rs.125 crore from the auctions.
The HMDA had placed 42 different plots in the city for auction and having successfully sold 36 of them including the big plot at Nandagiri Hills, the financial prospects look improved for the cash strapped Authority.
During the earlier rounds of auction conducted during the real estate boom, most of the proceeds were diverted to the government treasury for welfare projects.
Rs, 125 crore
However, having transferred huge amounts and later having to face tough times in managing its budgets, the Authority has now decided to retain the money from the present auction.
The HMDA at the time of auction last month had hoped at raising around Rs.120 crore, but in final analysis if all the successful bidders make their payment, it could be richer by Rs.125 crore.
Also, the auctions brought some cheer to a beleaguered real estate in the city with the response reflecting the building up of a positive mood among property seekers.
The most watched plot during the auction had been the big slice of prime property at Nandagiri Hills that did not get buyers in earlier rounds of auction when offered with an upset price of Rs.23 crore per acre.
Now placed with a reduced upset price of Rs.18 crore per acre, it was lapped up assuring the HMDA of around Rs.84.74 crore from this plot alone.
At Nallagandla, a total of 17 plots figured in auction of which three remained unsold, while one of the nine plots at Miyapur did not sell.
One each at Tellapur and Ramachandrapuram too remained unsold even in this round of auction.