The e-auctioning of 50 open plots in Phase-I of Shabad on the city’s outskirts on Tuesday has fetched Rs 33.06 crore to the government, which is two times more than the market price per square yard. The Hyderabad Metropolitan Development Authority (HMDA) has e-auctioned as many as 50 open plots in Phase-I of Shabad through two sessions of e-auction.  The HMDA  has fixed the minimum upset price of Rs 10,000 per square yard. The price touched a high of Rs 27,000 per square yard and lowest of  Rs 18,000 per square yard. The average bid price per square yard was Rs 22,040.

A total of 50 open plots were put to e-auction on online bidding process  through MSTC Limited, a Government of India Enterprise with plots ranging from 300 sq.yds and the total area put to e-auction on two sessions was 15,000 sq.yds. The upset price for the e-auction was Rs 10,000 per sq.yd with bidding multiples of Rs 500 per sq.yd and total anticipated estimated value of the saleable area as per the upset price is Rs 15 crore.

The total revenue received through the two sessions of e-auction was Rs 33.06 crore, more than two times the base value. The HMDA officials said that the State Government has proposed a layout development in an area of 100 acres in Shabad for residential use zone for individuals, and agencies for the construction of their own houses, buildings or apartments.