The Hyderabad Metropolitan Development Authority (HMDA) recently held e-auctions for plots of land in Kokapet, Budvel, and other areas. These auctions were conducted on behalf of the Government of Telangana, as instructed by the government.
The land parcels were divided into plots for multipurpose use zones, allowing for high-rise buildings and unlimited floor space index (FSI). The auctions received a strong response, with the highest bid recorded at Rs 100.75 crore per acre in Kokapet and Rs 41.75 crore per acre in Budvel.
In Kokapet, a total of seven plots covering 45.33 acres were offered for auction on August 3, 2023. These plots ranged in size from 3.60 acres to 9.71 acres. The entire area was sold for a total of Rs 3319.60 crore, averaging to Rs 73.23 crore per acre. Similarly, the entire 100-01 acres offered in the Budvel auction on August 10, 2023, were sold for a total of Rs 3625.73 crore at an average of Rs 36.25 crore per acre.
The H1 bidders in Kokapet and Budvel have made their payments on time as per the schedule. However, in the Mokila layout, where smaller plots were auctioned off to middle-class buyers, there have been delays in payment due to various factors, including delays in loan sanctioning.
