Offering a sigh of relief to the difficulty of realty developers, the Hyderabad Metropolitan Development Authority (HMDA) recently announced its decision to auction several leftover and gifted plots. The authority has decided to cover a major chunk of plots available in this venture.
The HMDA auction will be taking place annually, where around 237 plots of different sizes will be sold. Amongst these 237 plots, 146 are the leftover plots that failed to get any buyer in the previous auctions. The plots to be auctioned, will be measuring over 1.24 lakh square yards. This time, the plots will be offered in the core areas of the city, as well as in the outskirts.
The Hyderabad property market is becoming dynamic, as the land bank in the core city is getting almost exhausted, leaving the developers with fewer options. Besides, people in Hyderabad, who are planning to set up their own houses, are also facing problems due to scarcity of land. They require plots that are title and litigation free, to build the house that are designed according to their choice.
On the other hand, developers are looking for land to create apartments that offer premium living at affordable prices. With a trend of vertical development, the construction process in the city has been expeditious. Owing to this, the cityscape is getting speckled with apartments.
Leading developers of Hyderabad, including Ramky Group, Modi Builders Group, and Prestige Group, are already moving to the outskirts of the city due to the land scarcity. These builders are not only creating affordable housing in these locations, but are also creating availability of basic amenities lacking in these areas.
Ramky Group has launched residential projects like Ramky Pearl in Kukatpally, Ramky One Galaxia in Nallagandla, Ramky Tranquillas in Kismatpur and others.
Whereas, Modi Builders has established apartments as well as luxury villas in these suburbs – Splendour in Kukatpally, Sterling Homes in Kompally, and Emerald Heights in Pocharam, among others.
HMDA’s announcement has already raised a lot of curiosity amongst the buyers and developers. As the plots auctioned will be of different sizes, experts are anticipating catering to the budgets of people from different income groups. In order to ensure transparency, HMDA has decided to auction the plots online.
As many as 146 plots are spread over 89,211 square yards, in 13 layouts. Around 48 plots out of these are available in Miyapur alone, covering an area of about 28,757 square yards. Similarly, spreading over 35,476 square yards, there are 91 plots in the semi-urban areas and villages.
The auction has given hope to the builders facing land procurement in different locations of Hyderabad. Developers like Ramky Group, Prestige Group and Modi Builders Group are excited to take up new ventures in various locations of the city.