The Hyderabad Metropolitan Development Authority has finally set its eye on middle class and upper middle class buyers for its land auction. Recently, the Telangana government got an overwhelming response from investors in the e-auction of plots at Mokila. It bagged a market price three times higher than the base process in the auction.
The Mokila plot auction was carried out by Hyderabad Metropolitan Development Authority (HMDA). Though the total area is spread over 165 acres of land in the Rangareddy district, 15800 square yards of the area was put on auction.
Nearly 200 individuals attended the pre bid meeting for Mokila plot auction Nevertheless, this indicates the emerging interests of potential buyers in Hyderabad real estate.
The state government's auction of 165 acres of land in Mokila village near the Narsingi-Shankarpally road received a highest bid of Rs 1.05 lakh per square yard. Though the lowest bid amount per square yard was Rs 72,000, the average bid for the plot was Rs 80,397.
There were a total of 50 Plots for sale in Mokila with an area of 300 to 500 square yards. The state sold 48 plots and two were cancelled due to wrong bids.
The auction was a big win for Hyderabad real estate as the developers have been selling open plots for Rs 30,000 per square yards in Mokila.