Hyderabad: The Hyderabad Metropolitan Development Authority (HMDA) is turning to plot auctions to generate funds for long-pending projects. Officials confirmed that nearly 90 plots spread across Rangareddy and Medchal-Malkajgiri districts will go under the hammer on Tuesday.
Over the past 18 months, several projects stalled due to financial shortfalls. With auctions proving highly successful earlier in Kokapet, HMDA hopes the upcoming sale will draw a strong response. Plots in Turkayamjal and Bachupally are expected to attract more bidders due to their proximity to major residential and commercial hubs.
In Rangareddy district, auctions will cover plots in Bairagiguda, Kokapet, Puppalaguda, Chandanagar, Bachupally, Bowrampet, Chengicherla, and Suraram. Together, they span 35,875 square yards.
However, doubts remain as the real estate sector continues to recover slowly from a two-year slump. Developers are closely tracking the auction, viewing it as a signal of the market’s future direction.
Adding to the concern, HMDA officials reported poor turnout at the pre-bid meeting. While the Turkayamjal plots generated some interest, the lack of inquiries for Bachupally properties has caused unease among officials.
The results of Tuesday’s auction will likely serve as a litmus test for Hyderabad’s real estate market recovery.
