Hyderabad: NRIs bid for plots, disappear

Hyderabad: As many as 11 top bidders who participated in the Uppal Bhagat e-auction for plots below 500 square yards, have not paid the first instalment, which was 25 per cent of the total cost. These plot owners have paid the earnest money deposit (EMD) which was fixed by the Hyderabad Metropolitan Development Authority (HMDA), but did not turn up for the allotment of the plot even two days after the due date.

The rules say that upon confirmation of the allotment, the bidder has to pay 25 per cent of the price within a week, which ended on April 23. The HMDA has excused the non-payment by saying that it was persons residing out of India who have failed to make their payments on time and would do so soon. No such relaxation of the time limit was extended to Indian bidders.

The municipal authority has e-auctioned 67 plots spread over 72 acres at Uppal Bhagat. Out of Rs 169.25 crore it should get in the first instalment, the municipal authority has received Rs 141 crore from 57 bidders. It has not received Rs 28.25 crore from 11 bidders for the plot allotment.

 According to highly placed sources, realtors with vested interests have hiked the bidding prices to ensure that the auction for prime plots in the Uppal Bhagat layout would be called off so that they could purchase these plots at cheaper prices later. During the current e-auction, the highest bid was Rs 73,900 per square yard. Sources said that it was the highest bidders who had jacked up the price in the auction who did not pay the first instalment which would have secured them the plot.

Bidders have to pay Rs 1,000 towards registration and an EMD of 10 per cent of the estimated cost of the plot on the upset price (which was Rs 28,000 per square yard).