Hyderabad: After mopping up Rs 474.61 crore by selling 39 plots in the e-auction of 44 plots in Uppal Bhagat, the Hyderabad Metropolitan Development Authority (HMDA) has decided to develop and auction 24 acres of land in the Kukatpally Housing Board Colony (KPHB). The municipal authority will develop about 12 plots measuring about 8,000 square yards each, it is learnt.
Authorities said the development charges would be given by the housing society and an auction would be held on the online platform managed by Union government enterprise MSTC Limited. The auction is likely to fetch about Rs 1,200 crore. The HMDA’s share for developing and conducting the e-auction will be 20 per cent.
According to highly-placed sources, the municipal authority already entered into an agreement with the KPHB Housing Society pertaining to the development of 24 acres from the total 32 acres of land available at the site. The HMDA would release an official statement in a couple days and a housing site would be developed. It earned a revenue of over Rs 2,000 crore in the auction of 49.949 acres of land in Kokapet area in Hyderabad, with the highest price being Rs 60 crore per acre. The authorities decided to fix the base price anywhere between Rs 35,000 and Rs 50,000 based on the location and size of the plots. Several high rise buildings would come up in the area, as the maximum plot size will be two acres.
A senior HMDA official requesting anonymity said the municipal authority had already prepared draft proposals along with the Uppal Bhagat plots. However, he said, at the last minute, the HMDA decided to conduct two separate auctions to grab the attention of bidders to hype the project on par with the Kokapet land auction which garnered over Rs 2,000 crore.
He said out of the total 32 acres available in the KPHB, the municipal authority would only develop 20 acres. The official said the operational and maintenance charges would be borne by the housing society and HMDA would only facilitate auction and plotting the area. The HMDA has high expectations on the KPHB land auction. “The auction will fetch at least Rs 1,200 crore and the HMDA will get some land in their possession for developing though operation charges will be borne by the KPHB housing society,” he added.
Commenting on the five leftover plots in the Phase III of Uppal Bhagat e-auction, the official said the HMDA will reduce each plot and re-conduct the auction. The 44 notified plots range from 150 square yards to 15,149 square yards which include those for residential (21 plots), hospitals (2), shopping cum entertainment, (4), educational institutions (2) and multipurpose use (15 plots). Of them, HMDA was able to sell 39 plots and generated `474.61 crore. Five plots ranging between 8,179 square yards to 15,000 square yards multipurpose zone did not receive any bids. Plot number 61 measuring 11,277 square yards, 62 measuring 12,293 square yards, 63 measuring 8,179 square yards, 64 measuring 11,374 square yards and 65 measuring 15,149 square yards have been left over. Authorities said the HMDA would reduce the size of plots ranging from 400 square yards to 5,000 square yards. They said auction notification for the KPHB plots would be released in a couple of days and Uppal Bhagat e-auction details would be also released very soon.