Telangana sets Rs 25 cr as upset price for land auction in Greater Hyd

For the first phase of land auctions in Kokapet and Khanamet, Greater Hyderabad, the state government has set an upset price (minimum price to be quoted) of Rs 25 crore per acre. While the total upset price for the 65 acres is Rs 1,625 crore, the government expects to net around Rs 3,000 crore from the e-auctions on July 15. The Hyderabad Metropolitan Development Authority (HMDA) and the Telangana State Industrial Infrastructure Corporation (TSIIC) have announced the sale of 13 land parcels in Kokapet and Khanamet's Neopolis and Golden Mile projects. MSTC Ltd will assist the state government with the e-auctions. While registrations began on June 15, there will be a pre-bid meeting on June 25. Among the plots slated for auction, the smallest of the plots up for auction is a one-acre plot in Neopolis, while the biggest is an 8.94 acre plot in Neopolis. The government stated that prospective bidders must quote a minimum of Rs 20 lakh over the upset price. TSIIC and HMDA bid participants have fixed the EMD at Rs 5 crore and the registration fee at Rs 23,600 and Rs 11,800 respectively. Since the bidding amount is huge, the government has decided to allow successful bidders to pay in instalments. The notification said, bidders will pay 33% of the total bidding amount as a first instalment within seven days, another 33% as a second instalment within 60 days, and the final and balance amount before October 25. Image Source Also read: CIDCO to auction plots for residential, commercial development in Mumbai Also read: Pimpri Chinchwad Municipal Corporation to add 1,300 hectares of land