Mokila auction bids fail

A record-breaking bid of 0.105 million per sq yard in plot no. 242 during the Mokila layout auctions turned heads, but the excitement quickly faded as the winning bidder failed to meet the Hyderabad Metropolitan Development Authority's (HMDA) 25% initial payment deadline. This violation of auction norms led to the forfeiture of the bidder's earnest money deposit (EMD) and the cancellation of their allotment. This incident wasn't isolated, as 10 other bidders from the Budvel and Mokila auctions last month also failed to make the first installment payment, resulting in EMD forfeitures. However, HMDA found success in Kokapet Neopolis Phase II, where an acre of land was auctioned for 1 billion, generating a total revenue of 33.19 billion as all successful bidders promptly paid their initial amounts. In August, the Telangana government initiated a series of land auctions across various regions, including Kokapet Neopolis Phase II, Budvel, Mokila Phase I & II, Shabad, and miscellaneous bids in other localities. A significant 100-acre parcel in Budvel was auctioned, with one land parcel selling for a record-breaking 410 million per acre, contributing 36.25 billion to the state treasury. Among the 17 land parcels, only one bidder failed to meet the 33% initial installment payment requirement. While metropolitan authorities celebrated the overwhelming response to the auctions, they expressed disappointment over the Mokila outcome, where the highest bidder at 0.105 million square yard, and the second highest at 99,500 per sq yard, failed to meet the 25% payment deadline within a week. Officials acknowledged that aberrations in auctions can occur. In response, they revealed plans to increase the EMD amount to discourage non-serious bidders. Cancellation notices have been issued to those who failed to make the initial bid payment after winning, and these individuals will be blacklisted from future land auctions. The EMD amount for Mokila plots was 0.1 million, and some speculation suggests that certain real estate players may have participated in the auctions, artificially inflating market rates in their respective areas. Overall, the state has earned an impressive 80 billion in land auctions in recent months, earning accolades from Chief Minister K Chandrasekhar Rao.