Govt expects to net Rs 2500 Cr
The Government of Telangana expects to net a revenue of Rs 2500 crore by way of auctioning of seven plots spread over an area of 45.33 acres in Neopolis layout of Kokapet region. The auction is going to take place on August 3. The Hyderabad Metropolitan Development Authority (HMDA) has conducted the auction of eight plots spread over an area of 49.949 acres in the first phase on July 16, 2021, during Covid helped the government to net a revenue of Rs 2000.37 crore. Corporates and other organisation that bought plots there have started construction activity there. In this backdrop, infrastructural amenities are created in Neopolis layout at a cost of Rs 300 crore.
Later the HMDA has initiated auction proceedings in association with MSTC Ltd. The minimum offset price for each acre has been fixed as Rs 35 crore. Those who want to take part in the auction should pay an EMD of Rs 5 crore for each plot and register their names with the HMDA before July 31. The last date for payment of the EMD was fixed as August 1. The pre-bid meeting is supposed to take place on July 20. On August 3 morning, bid would be conducted for four plots and auction would take for three plots in the afternoon session. The successful bidder should deposit 33% of the sale cost of the plot (deducting the EMD amount) initially. The next 33% should be paid within a month towards the second instalment. Afterwards, the balance amount including the EMD should be paid within 90 days of the bidding. In the first phase, the offset price per an acre of land increased from RS 31.20 crore to Rs 60.20 crore. The average price per an acre has reached Rs 40.05 crore.
