Smaller Plots For The Middle Class Will Be Auctioned By HMDA

The last land auction held a very ordinary show and the Hyderabad Metropolitan Authority (HMDA) is embracing a newer strategy, which is auctioning smaller plots to captivate the middle class. 

HMDA is now mulling over the auctions of plots that range from 150-300 yards to offer affordable properties to the middle class. 

Auctions were held formerly at various locations like Bahadurpally, Thorrur, Narketpally (Nalgonda), Bhoothpur (Mahbubnagar), Gadwal (Jogulamba-Gadwal), Kamareddy, Anthergaon (Peddapalli), Mavala (Adilabad), and Yalal (Vikarabad). 

In the last auction, the urban development body noted the 600-yard plots for constructing villas and apartments. The participants second-guessed their bid for these as the base price was agreed at ₹25,000. 

A press release from the HMDA had revealed that the previous auction was held at locations that did not have apartment culture.  

The urban development body received revenue of ₹567.48 crores by auctioning off plots at nine different locations. The auctions commenced in March and concluded successfully. 

The highest revenue was collected through the auctions of plots at Thorrur (Rs 194.49 crore), followed by Bahadurpally (Rs 146.55 crore), Mahbubnagar (Rs 90.72 crore), Gadwal (Rs 51.91 crore), and Kamareddy (Rs 34.19 crore).