HMDA to Auction Small Plots to Attract Middle Class

RealEstate - Sakshi Post

The Hyderabad Metropolitan Development Authority (HMDA) is planning an auction of smaller properties for the middle class.

Hyderabad: Following a lacklustre performance in the latest land sale, the Hyderabad Metropolitan Authority (HMDA) is planning smaller plot auctions to entice the middle class.

The city planning board is now debating whether or not to sell sites in the medium category. This might comprise plots as small as 150 yards or as large as 300 yards to make the property more affordable for middle-class consumers.

Bahadurpally, Thorrur, Narketpally (Nalgonda), Bhoothpur (Mahbubnagar), Gadwal (Jogulamba-Gadwal), Kamareddy, Anthergaon (Peddapalli), Mavala (Adilabad), and Yalal (Vikarabad) were among the past auction sites.

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The 600-yard plots for the building of villas and flats were identified in the last auction by the urban development organisation. Because the base price was set at Rs 25,000, the players were cautious about bidding on them.

According to an HMDA press statement, the last auction was held in areas without an apartment culture. By auctioning off plots in nine different places, the urban development agency raised Rs 567.48 crore. The auctions began on March 14 and ended satisfactorily on March 17.

The sale of plots in Thorrur (Rs 194.49 crore) brought in the most money, followed by Bahadurpally (Rs 146.55 crore), Mahbubnagar (Rs 90.72 crore), Gadwal (Rs 51.91 crore) and Kamareddy (Rs 34.19 crore).

In eight districts, the Telangana government made open plots available for purchase without any legal stumbling blocks. A total of 1,356 available plots of various sizes were transparently auctioned. A total of 1,227 plots were sold, with 129 remaining unsold.

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