Mokila plots draw strong demand at HMDA e-auction
HYDERABAD: Plots in the Hyderabad Metropolitan Development Authority (HMDA) layout at Mokila witnessed strong demand, with all 50 plots offered on the first day of the e-auction being sold.
Strong response in first phase
HMDA auctioned 50 plots in two sessions on Monday. Another 50 plots will be put up for e-auction on Tuesday. The layout’s proximity to Hyderabad’s IT corridor attracted keen interest from buyers.
HMDA had issued a notification for the auction of 100 plots in Survey No. 86/A of Shankarpally mandal in Rangareddy district. The plots range from 300 to 500 square yards. The minimum upset price was fixed at ₹50,000 per square yard, while the earnest money deposit for each plot was fixed at up to ₹25 lakh.
Two days earlier, HMDA sold 63 of the 68 plots auctioned at Medipally. The response at Mokila has once again highlighted the sustained demand in Hyderabad’s real estate market. Real estate firms, non-resident Indians (NRIs) and businesspersons are showing interest in investing, expecting land prices to rise further.
Higher deposit to curb fake bidding
In an earlier auction at Mokila, HMDA sold 100 plots, with bids ranging from ₹60,000-70,000 per square yard to a high of ₹1 lakh per square yard. At the time, allegations surfaced that some bidders had deliberately inflated prices. Several successful bidders who quoted around ₹1 lakh per square yard later failed to pay the balance amount. Officials found that some bids had been placed only to create artificial price levels, and those allotments were subsequently cancelled.
To prevent such fake bidding, HMDA has substantially increased the earnest money deposit for the current auction. As another 50 plots are yet to be auctioned, officials have not disclosed the highest bid received so far.
After the Mokila auction, HMDA plans to conduct e-auctions for its land parcels at Chandanagar, Bairagiguda, Narsingi, Bowrampet, Suraram and Peerzadiguda.
