The auction of leftover open plots by Hyderabad Metropolitan Development Authority (HMDA) saw a tepid response on Friday. Of the 26 plots in various parts of the city available for auction, only nine were sold.
The state government managed to generate a revenue of only 120 crore through these auctions. HMDA officials explained that the plots put up for auction were previously unsold due to various reasons, such as small size, vaastu considerations and many of them are landlocked.
These plots are located in Kokapet, Nallagandla, Manchirevula, Bairagiguda, Chengicherla, Ameenpur, Chandanagar, Budvel, Velmala, Gandimaisamma, Bowrampet, and Bachupally in Medchal-Malkajgiri, Ranga Reddy and Sanga Reddy districts.
The upset prices were set based on the respective locations, ranging from a minimum of 65,000 per square yard in Nallagandla, 50,000 per square yard in Budvel, Chandanagar, Peeramchervu near Gandipet and Manchirevula. The lowest minimum upset prices were fixed at 12,000 per square yard in Nandigama Rameshwaram Banda near Patancheru and 40,000 per square yard in Ameenpur. The price in northern part of the city ranged from 25,000 per square yard.
If all the plots had been sold, it was estimated that the state government could have earned at least 267 crore. However, state managed to sell only nine plots due to lack of demand. The sale saw a meagre increase over the upset price, resulting in a total revenue of only 120 crore.