Plot at Nandagiri Hills receives bid of Rs. 84.74 crore; six of 42 plots remain unsold
A 4.695-acre plot at Nandagiri Hills received a bid of Rs. 84.74 crore after the upset price was reduced to Rs.18 crore per acre when bids were opened for the 42 plots auctioned by the Hyderabad Metropolitan Development Authority (HMDA) on Wednesday.
The upset price for the plot in the earlier auction was Rs. 23 crore per acre, but it had no takers. Thirty-six of the plots spread out in different locations such as Asifnagar, Miyapur, Nallagandla, Gopanpally, Ramachandrapuram and Miyapur were successfully sold reflecting a positive trend in the real estate scenario.
The other high total bid amount for the lone plot at Asifnagar was Rs. 5.88 crore, while one of the nine plots that went for auction at Miyapur was sold for Rs. 6.89 crore. One plot at Nallangandla went for Rs. 2.31 crore and another fetched a price of Rs. 1.92 crore. The unsold plots in this round of auction included three at Nallagandla and one each at Miyapur, Ramachandrapuram and Tellapur. The latest auction could get the cash strapped HMDA around Rs. 125 crore.
With the successful bidders announced, the process of making payments would soon start with the HMDA announcing that the sale proceeds would be exclusively spent on various projects taken up by it. If all the successful bidders make payments, the organisation would be realising more money than it had originally anticipated (Rs.120 crore) even while six plots remained unsold.