Medipally auction brings home ₹120 crore for govt

The government has raked in ₹120 crore from the e-auction of developed residential plots at Medipally on the Eastern part of the city on Wednesday. The auction was conducted by the Hyderabad Metropolitan Development Authority in phase-III at the location.

The highest price yielded was ₹80,000 per square yard, while the average bid rate was ₹56,260 per square yard from the auction, a statement from HMDA informed. This indicates significant price rise since the previous auction in Medipally three years ago, when the highest bid was for ₹50,000 per square yard.

A total 68 plots were put to auction, of which 63 plots were successfully went under the hammer. The auction saw an overwhelming response from home buyers and investors, the statement said.