HMDA opts for plot auction to give real estate markets a boost

HMDA (Hyderabad Metropolitan Development Authority) will be auctioning a total of 237 plots in the city which collectively measure a whopping 1.24 lakh square yards and are located in various zones. This has raised interest levels amongst real estate developers and prospective homebuyers alike. Apartments are already the most preferred housing solution for buyers and realty companies in Hyderabad. Most buyers are cautious while looking at plots due to litigation risks and ownership and title deed issues. Buyers wish for plots with clear titles and which are free from any litigation before investing. Some buyers with to build their own homes while some use the plot as a future investment, pinning hope on escalation of land values.

Plots that are offered by government organizations are naturally more coveted in this scenario. The HMDA has now decided to boost real estate growth in the city and its surrounding areas. HMDA is now providing plots in core city zones and also on the outskirts. 146 plots being offered are leftover ones in various layouts or ones which have not garnered buyers in previous auctions. The plots are also expected to cover the affordable and budget segments along with the mid-range category. Buyers can choose from varied plot sizes and locations this time around.

The 146 plots are located across 13 layouts in Mailardevpally, Tellapur, Gopanpally, Nallagandla, Saroornagar, Chandanagar, Jubilee Hills, Neknampur, Madhapur, Attapur, Shaikpet, Miyapur and Vanasthalipuram. These plots cover an area of 89, 211 square yards. 48 plots are located in Miyapur and cover 28, 757 square yards in all. There are 91 plots located in villages and semi-urban zones such as Choutuppal, Bachupally, Mamidipally, Shankarpally, Makthal, Bhongir, Chintapallyguda, Ameenpur, Ghatkesar, Pocharam, Anantharam and Jalpally. These plots cumulatively cover 35, 476 square yards.

High income segments can choose plots located in core zones while low and middle income buyers can choose those located in suburbs based on their preferred budget. HMDA will be conducting the plot auction online in order to ensure higher transparency and cut out middlemen from the proceedings. Buyers throughout the State and other parts of the world can take part in the online auction.