Hyderabad development body auctions 36 plots
In a clear indication of realty sector picking up in the city, a square yard of land at UppalBhagat layout near Metro Rail depot in Nagole was sold for a record Rs 73,900. While the minimum bid amount was Rs 57,000 per sq yard, this particular plot was the highest-ever rate the Hyderabad Metropolitan Development Authority fetched in land auctions held in eastern part of the city. Experts attributed the overwhelming response from the auction to the location. In the two-day auction, which began on Sunday, the government said it had fixed an upset price of Rs 28,000 per sq yard, which means a person cannot bid lower than the amount for any land up for sale. The HMDA has put 67 plots in its 630-acre layout for auction. The first day auction was conducted for 500-sq yard plots in the first session between 9am and 12noon and between 500 sq yards and 1,500 sq yards in the second session between 2pm and 5pm. Officials said while the HMDA expected Rs 500 crore through the auction, it might touch Rs 800 crore for just 67 plots.
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