Hyderabad development body’s land auction fails
The much hyped auction of land parcels by the Hyderabad Metropolitan Development Authority (HMDA) has turned out to be a flop show with close to 50 successful bidders not depositing the partial bid amount even a month after the deadline is over.
The metropolitan authority had conducted e-auction of about 210 plots from April 22 to 24. The successful bidders were supposed to deposit 25% of the bid amount within a week from the date of intimation.
While 21 plots were left unsold, some plots were removed from the auction as there were some litigation over the property. Finally, 189 plots received bids that promised the HMDA about 350 crore.
HMDA officials said the second highest bidders, who bought land in Madhapur Sector I and III at 1.52 lakh per sq yard and 1.19 lakh per sq yard, and another at 1.11 lakh per sq yards in Shaikpet have paid the amount.