Thursday, September 28, 2023
    HomeHyderabadMokila plot auction earns HMDA a whopping Rs 122.42 cr in Hyderabad

    Mokila plot auction earns HMDA a whopping Rs 122.42 cr in Hyderabad

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    The e-auction of Mokila Layout phase-II in Hyderabad has earned Rs 122.42 crore on the first day for the Hyderabad Metropolitan Development Authority (HMDA). The auction took place online through the Central government’s e-action platform MSTC Ltd. A total of 60 open plots, ranging from 300-500 square yards, were put up for auction in two sessions.

    The HMDA plans to develop a residential layout in 165 acres of land located 2 km from the Narsingi-Shankerpally road in Mokila village, Shankerpallymandal, RR District, as part of phase-II. The estimated value of the saleable area, based on the upset price of Rs 25,000 per square yard and bidding multiples of Rs 1,000 per square yard, is Rs 50.07 crore.

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    The e-auction has received a great response due to its proximity to developed areas like Neopolis, the financial district, and Narsingi. The rates have reached as high as Rs 1 lakh per square yard. The total revenue generated from the two auction sessions is Rs 122.42 crore, which is more than double the base value. The average weighted price is Rs 63,512 per square yard, also more than double the base upset price, with a high value of Rs 1 lakh per square yard and a low value of Rs 54,000 per square yard.

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