A total of 42 plots located in different parts of the city and suburbs go under the hammer from Saturday with the cash-strapped Hyderabad Metropolitan Development Authority (HMDA) hoping to generate around Rs.120 crore through their auction.
The schedule announced here on Friday provides the option of both online bidding and submission of sealed tenders with the last date for bidding being August 7.
Interested bidders would have to deposit 10 per cent of the total plot value as earnest money deposit and bids would be opened on August 8.
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Announcing the details, HMDA Commissioner Neerabh Kumar Prasad said the plots were located at Nallagandla, Tellapur, R.C.Puram, Gopanapally, Miyapur, Asifnagar and Nandagiri Hills.
Those preferring to participate in e-bidding have been provided with facilities to upload necessary documents and also online transfer of the EMD. Successful bidders, with certain conditions, would be given 90 days time to take care of complete payment. “This time, we are providing all relevant details such as dimension of plots, facing, access road width, setbacks and height restrictions on our website and there is a FAQ column with a dedicated email for queries,” said Mr. Prasad. NRIs making bids for these plots would have to provide details about their authorised representative here.
In case of more than one bid made with same amount, an auction would be held to declare the successful bidder. Mr. Prasad assured that the unsuccessful bidders would be returned their EMD within two working days after the opening of the bids.
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According to a new provision, the second and third bidders in the list could opt to keep their EMD with the HMDA and be in the contention if the first successful bidder fails to make payment in the prescribed time limit.
Nandagiri Hills plot measuring 4.695 acres has been put for auction at an upset price of Rs.18 crore per acre as against Rs.23 crore per acre which failed in last auction. The Metropolitan Commissioner said the idea of breaking it into smaller pieces was not found feasible by the engineering team.
Mr. Prasad also made it clear that the plots came with a clear title and a team of officials from town planning, engineering and revenue went through each of the plot to verify and inspect all aspects.