Is the auction of land parcels in Mokila genuine?

In the auction of land parcels in Mokila by the HMDA, the local Hyderabadi realtors and real estate agents allegedly hiked the price of the square yard artificially by taking part in the auction, a fact which has been clearly established. The HMDA, giving reasons for this, maintained that the middle class people who auctioned the lands could not get bank loans sanctioned subsequently. The million dollar question is why did the banks, which welcomed the bidders who had taken part in the earlier auction conducted by the HMDA bringing the land parcels in Kokapet under the hammer, are now reluctant to extend loans to the bidders who have taken part in the bidding for land parcels in Mokila, near Hyderabad.

In fact, many bidders would not need the bank loans. However, the bidders took part in the auction only with an eye to jack the prices artificially. Prior to the HMDA auction, a square yard in Mokila used to sell at Rs 40,000. However, there were no takers for the house sites at such an exorbitant rate. But, to bring hype to the region, the realtors took advantage of the auction. Some realtors and real estate agents used it as a tool to jack up the prices, it is reliably learnt. They together worked in tandem to jack up the price to Rs 1 lakh per square yard. The HMDA, upon seeing through the designs of the realtors and real estate agents to hike the prices artificially, should remove the price quoted by these individuals from the auction and should take the subsequent price as the standard yardstick to proceed with the auction. The HMDA should issue a press release about it. Not only in Mokila, but also at other places the HMDA should follow the same method.