The Hyderabad Metropolitan Development Authority recently conducted land auctions in the eastern part of the city.
In this auction process, the boost in the real estate sector was clearly witnessed as a square yard of land at Uppal Bhagat layout close to the Metro Rail depot in Nagole was sold for worth Rs. 73,900 and this is a record amount.
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 officials of the development authority said that we expected to collect Rs.500 crore via the auction but it is likely to go upto Rs. 800 crore for just 67 plots.
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.