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The Hyderabad Metropolitan Development Authority witnessed huge success on the second day of auctioning open plots in the city. The HMDA raised nearly Rs. 475 crore for 31 plots on the second day of the auction.

The authority listed a total of 67 plots located in Uppal Bhagat layout near Nagole for auction for a period of two days and all the plots were sold as the developers, builders were making huge demands for the same.

In two days, the development authority collected Rs. 677 crore for all the 67 plots. They collected approximately Rs. 202 crore on the first day of auction and according to the upset price that was Rs. 28,000 per sq yard, the development authority was expecting to get Rs. 368 crore for all the 67 plots on a whole. Interestingly, the authority got more than what they have hoped.

The minimum bid amount was fixed at Rs. 57,000 per. sq. yard, this particular plot was the highest-ever rate of auction. The experts regard location as the main reason for the overwhelming response they received at the auction.

One of the officials said that the location is in close proximity to Metro depot and the bidders can use this land to develop residential projects, commercial complexes, multi-storied buildings and IT parks also. The official also said that in the two-day auction event that begun on Sunday the Government had fixed upset price of Rs. 28,000 per sq yard that meant any bid lower than this amount is not eligible for the sale of land.

The Hyderabad Metropolitan Development Authority [HMDA] had 67 plots for auction in its 630-acre layout. On the first day of auction, two sessions were held in which the first session was conducted from 9 AM to 12 Noon to carry out 500-sq yard plots and the second session was carried out between 2pm to 5pm.

The Uppal Bhagat layout was developed by the HMDA on land pooling method by taking over land from farmers in 2015.

Out of the 733 acres in Uppal Bhagat, 104 acres was allotted to the Hyderabad Metro Rail Limited (HMRL) to develop Metro Rail depot near Nagole.

Similarly, the farmers, who owned the land, received developed plots in the same layout and the remaining 1.37 lakh sq. yards land divided into more than 65 plots were out for sale.