HMDA plans smaller plots to woo middle class buyers
600 square yards and above plots to be further divided into 150 sq. yards to 300 sq. yards to make it affordable for middle class
HYDERABAD: After realtors and developers shied away from the recent land auction by the Hyderabad Metropolitan Development Authority (HMDA), the urban planning authority is said to be contemplating to divide 600 square yards and above plots to 150 square yards to 300 square yards to make it affordable for the middle class.
The auctions were held at Bahadurpally, Thorrur, Narketpally (Nalgonda), Bhoothpur (Mahbubnagar), Gadwal (Jogulamba-Gadwal), Kamareddy, Anthergaon (Peddapalli), Mavala (Adilabad) and Yalal (Vikarabad). The municipal authority earmarked 600 square yards for constructing apartments and villas but did not have any takers as the upset price of Rs 25,000 was not viable for the participants in the auction.
According to the HMDA officials, the auctions were held in such locations where there was no apartment culture. Even if the builders participated in auction and owned the land, each flat would have cost more than Rs 80 lakh which is not viable for selling on the suburbs like Bahadurpally, Thorrur and Narketpally. The civic authority is now planning to subdivide the plots and hold auctions for the remaining 129 plots which were earmarked for apartments, villas and commercial purposes. A notification pertaining to the same would be released soon.
The HMDA generated revenue of Rs 567.48 crore by auctioning off plots at nine different parts of the state. The auctions that commenced on March 14 successfully ended on March 17.
The highest revenue was generated through the auction of plots located at Thorrur (Rs 194.49 crore), followed by Bahadurpally (Rs 146.55 crore), Mahbubnagar (Rs 90.72 crore), Gadwal (Rs 51.91 crore) and Kamareddy (Rs 34.19 crore). The state government gave an opportunity to purchase open plots without any legal hitches in eight districts of the state. As many as 1,356 open plots of various sizes were put up for auction in a highly transparent manner. Of them, 1,227 plots were sold while 129 remained unsold.
The average bid price in Bahadurpally was Rs 30,085 per square yard, while in Thorrur it stood at Rs 27,908 per square yard and it was Rs 16,709 per square yard at Bhoothpur in Mahbubnagar. Out of the total lands, Bahadurpally (101 plots) and Thorrur (123 plots) in HMDA limits generated Rs 334.72 crore.