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HMDA starts auction of 42 plots

1 Comment Sub Category:Hyderabad,Municipality Posted On: Jul 31, 2012

Auctions taken up recently by government agencies – the A.P. Housing Board and Hyderabad Metropolitan Development Authority (HMDA) included 42 plots in the city and the suburbs.

As per plan, the HMDA has come up with a round of auctions that has placed the plots under the hammer and the civic body expects to raise Rs.120 crore from the auction proceedings. Prospective property buyers have been provided with an option of making their bids either by submission of sealed tenders or through online bidding.

However, the start has been far from being expected. The focus point of all the plots, The Nandagiri Hills, when placed for auction earlier with an upset tag of Rs.23 crore per acre failed to get any buyer and now it comes at a reduced upset pricing of Rs.18 crore per acre.

The civic body, which is desperately short of funds, is pinning its hope on the auction. To reassure the potential buyers, the HMDA states that all the plots are have been verified thoroughly for all relevant details by officials of engineering, town planning and revenue.

To read more real estate news:

HMDA master plan gets delayed

Source: The Hindu

One Response to “HMDA starts auction of 42 plots”

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