The Hyderabad Metropolitan Development Authority (HMDA) now depends on the planning department to generate revenue. Numerous land auctions are underway, HMDA expects Rs 2,000 crore in the next financial year, surpassing the revenue of Greater Hyderabad Municipal Corporation (GHMC).
To generate additional revenue, the HMDA decided to take over Rajiv Swagruha Corporation Limited from the TS Housing Board and sell apartments. As a pilot project, it will auction 28 out of 47 blocks of the Rajiv Swagruha complex in Bandlaguda to raise around Rs 1,000 crore.
324 developed plots, comprising 223 plots, at Thorrur Layout in Hayathnagar, and 101 plots at Bahadurpally layout in Medchal will be auctioned between 14th and 17th March.
The municipal authority will support the auction of plots through MSTC Limited and expects to raise funds between Rs 400 crore and Rs 500 crore through the auction.
The highest bidder was supposed to pay a deposit of 25% of the total sale price of the plot within seven days. The Bidder must pay the remaining amount in full within 90 days, without interest. The highest bidder can opt for an installment plan with 10% annual simple interest for up to 180 days, excluding the term period.
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