Medipally auction brings home ₹120 crore for govt

The government raised ₹120 crore from the e-auction of developed residential plots at Medipally in the eastern part of the city on Wednesday. The auction was held in Phase III by the Hyderabad Metropolitan Development Authority. It was carried out in the region in stages.

According to a statement from HMDA, the highest price achieved in the auction was ₹ 80,000 per square meter, while the average bid rate in the auction was ₹ 56,260 per square meter. This marks a significant price increase since the previous auction held on Medipally three years ago, where the highest bid was ₹50,000 per square metre.

A total of 68 parcels were put out to tender and 63 of them successfully went under the hammer. The auction received a great response from home buyers and investors, the statement said.