One sq. yard costs `1.5L in Madhapur
HMDA earns `182 cr by selling 435 plots in Madhapur area
Madhapur has risen in real estate valuation to be the most expensive area in Hyderabad, with one square yard being auctioned for a whopping `1.52 lakh, which is the highest in the city, and thus overtaken from Kokapet, which bagged the honours last year.
The Hyderabad Metropolitan Development Authority (HMDA), has put land for auction and earned `182 crore by selling 435 plots of 110 square yard in Madhapur (at different locations). On Monday, the HMDA auctioned land at Bachupally, Dulapally, Mankhal for `33,000 per square yard and earned `19.20 crore. The sale of land towards Aminpur fetched `19.47 crore. A total of `220.67 crore revenue has been generated.
Speaking to Deccan Chronicle, HMDA Commissioner Chiranjeevulu said, “In Bachupally HMDA sold about 25 plots for a price tag of `33,000 per square has generated `19.20 crore. Another parcel of land was sold at Aminpur, divided into 22 plots for `19.47 crore. On the second day of e-auctions, `42 crore was generated. Another `20 crore is expected to be generated from e-auction which will end Tuesday.”
The commissioner further added, “The average rate of land in Miyapur, Chandanagar is about `60,000 per acre and Bachupally is around `33,000. The real market value is being discovered through sale of land. Hyderabad’s real estate section is booming, due to various proactive policies, law and order maintenance and single channel for building permission clearance. In the last 10 years there was no hike, but in the last two years it has been a rise. Even many real estate analyses have put Hyderabad in the top, the capital is the fastest growing city
The HMDA has decided to auction 229 plots in various layouts in the city. They expect to raise between `200 and `250 crore through the auctions. The metropolitan authority will utilise these fund for infrastructure projects.
The HMDA auctioned land at Bachupally, Dulapally, Mankhal for `33,000 per square yard and earned `19.20 crore.
The sale of land towards Aminpur fetched `19.47 crore. A total of `220.67 crore revenue has been generated.
Madhapur has risen in real estate valuation to be the most expensive area in Hyderabad, with one square yard being auctioned for a whopping `1.52 lakh, which is the highest in the city, and thus overtaken from Kokapet, which bagged the honours last year.
Officials said the plots are spread across 25 layouts in both upmarket areas including Jubilee Hills, Madhapur, Shaikpet, Nallagandla, Tellapur, Gopanpally and Miyapur as well as outskirts like Ameenpur, Ghatkesar, Pocharam and Bhongiri.
With the auction, plots are set to rise in price range and would be between 3,000 per square yard to `80,000 per sq yard depending on location, size and usage. Price has been finalised at one-and-half times the basic value of registration department. HMDA authorities said of the 229 plots, 146 are in the HMDA developed layouts.
The rest are layouts developed by private firms which were transferred to the authority by way of gift deed (3% of entire layout as per norms).
The highest number of plots were in Miyapur (48), followed by Ameenpur (22), Saroornagar (19), Mylardev Pally (18), Bachupally (15) and Tellapur (15). The total extent of the plots os about 1.22 lakh sq yards. The eauction will end tomorrow.