Nandagiri land sells at Rs 80,000 per sq yard

Hyderabad, Feb. 21: Individual bidders on Tuesday purchased residential plots on Nandagiri Hills at more than double the 2004 price. On Monday, an institutional consortium had paid Rs 1.41 lakhs per square yard for a plot at Jubilee Hills. The highest bid on Tuesday was Rs 80,000 per square yard for Plot 11 measuring 359.99 square yards. The lowest bid was for Plot 18 at Rs 40,600 per square yard for the 334.88 square yards. About two years back, the highest bid amount was Rs 40,000 per square yard in the same area.
On Tuesday. an NRI bidder purchased five plots for nearly Rs 14 crore. “We are in the process of identifying the person who has purchased so many plots,” a top official said. Huda had put up 40 plots for auction, 27 were sold due to the laborious process involved by 9 pm. The other 13 will go up for sale on February 27. Huda secretary and chief auctioneer P. Venkat Ram Reddy oversaw the process.
The plots range from 250 square yards to 789 square yards. The total sales on Tuesday was Rs 72,83,74,102, Huda expects about Rs 125 crore from Nandagiri Hills alone. Huda officials said that the remaining plots are located in prime areas. Tuesday’s auction too saw open and closed bids. The plots were sold to the highest bidder in both bids. To avoid fraud, each bidder had to deposit Rs 5 lakh with Huda, which he would forfeit if he does not purchase the plot. Successful bidders would have to pay a quarter of the cost of the plot within a week.
Auctioning will continue on Wednesday for plots in Chitra layout in Saroornagar, Huda trade centre in Ramachandrapuram, Asifnagar’s new and old layouts, Ramachandrapuram ring town area, Miyapur and Neknampur government lands.