Hyderabad: The KPHB plot auction in Phase 7 fetched a record Rs. 2.70 lakh per square yard on Wednesday. The Housing Board sold 16 MIG plots through an open auction. These plots had no disputes and offered developed facilities.
The auction saw strong competition, with 19 bidders seeking their preferred plots. The Housing Board had fixed Rs. 1.60 lakh as the minimum price per square yard.
One plot secured Rs. 2.36 lakh per square yard during the bidding. Meanwhile, two other plots fetched Rs. 2.06 lakh each. The remaining plots also contributed to strong overall revenue.
Housing Board Vice Chairman VP Gautam said the auction process remained completely transparent. According to him, the board collected about Rs. 47.14 crore through the sale.
The Housing Board had issued the auction notification on the 10th of last month. It offered the Phase 7 plots to bidders through the open auction process.
KPHB plot auction revenue reached Rs. 47.14 crore
Gautam said the auction achieved an average price of about Rs. 1.79 lakh per square yard. The result highlighted the strong bidding response for developed plots in KPHB Phase 7.
Meanwhile, HMDA also conducted an e-auction for residential plots in Mokila and Bachupalli layouts. The auction covered 70 plots, of which bidders purchased 57.
Mokila recorded the highest rate of Rs. 87,500 per square yard. HMDA sold 32 plots there, with the average price reaching Rs. 63,511 per square yard.
As a result, HMDA collected about Rs. 66.48 crore from the Mokila auction. A large number of bidders from Hyderabad and surrounding areas participated in the process.
Separately, 25 plots were sold in the Bachupalli layout. The highest bid there reached Rs. 67,500 per square yard, while the average stood at Rs. 51,991.
HMDA collected about Rs. 35.03 crore through the Bachupalli auction. The combined results showed strong demand across the residential land auctions held on Wednesday.