+
Mokila auction bids fail
Real Estate

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.

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.

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?