Hyderabad: The Hyderabad Metropolitan Development Authority (HMDA) has generated an amount of Rs 351.92 crore from an e-auction of 210 plots of land, in a major revenue boost for the cash-strapped agency.
The HMDA, whose jurisdiction covers over 7,000 sq. km, earned the highest revenue from Chanda Nagar, Madhapur Sectors I & III and Nallagandla, which generated Rs 115.11 crore from the sale of 25 plots.
One square yard in Madhapur sold for Rs 1.52 lakh, the highest real estate price in the city. The second most expensive area is Miyapur, where 49 plots sold for Rs 67.46 crore.
Land prices in Shaikpet, Tellapur, Vanasthalipuram, and Shankarpally have also boomed, and the revenue from 20 plots was Rs 53.98 crore.
In Attapur, Mushkmahal, Mailadeverpally, and Neknampur, usually considered as the outskirts, 25 plots were auctioned for Rs 39.08 crore.
Speaking to DC, HMDA commissioner Chiranjeevulu said, “This e-auction has revealed the true market value of land in Hyderabad. Owing to schemes like TS iPASS (fast-track industry policy of the government of Telangana), improved law and order and the booming IT industry, land rates have shot up.
“Also, many international real estate analysing agencies have placed Hyderabad on top of a list of fastest-growing cities in terms of real estate.”
Additionally, the HMDA collected Rs 19.20 crores from 31 plots in Bachupally, Dulapally, and Mankhal, Rs 19.47 crore from 22 plots in Ameenpur, and Rs 31.81 crore from 11 plots in Saroor Nagar, Jalpally, and Mamidipally.
Of the 210 plots put up for auction, 189 were sold to bidders, while the rest were sold without bids.
