Hyderabad: The HMDA will auction 72 acres of land in a new venture at Uppal Bhagat where the average cost will be about Rs 25,000 per square yard.
The HMDA expects to garner Rs 1,100 crore by selling 83 2,000-square metre plots spread over 72 acres in the new layout at Uppal Bhagat and 1.16 lakh square yards in the left-over plots in the old layout
HMDA commissioner T. Chiranjeevulu has instructed officials to construct an arch for the layout, and connect the drainage line to the Nallacheruvu treatment plant.
Out of the total 761 acres with the HMDA at Uppal Bhagat, it has distributed 1,350 plots to 550 members and is left with about 190 acres which it is to auction.
A HMDA official said that while it was too early to give the actual figures, the new land pooling scheme could earn Rs 600 crore by pooling land in Dundigal, Boduppal, Pratapasingaram, Bogaram, Gourelli and Korremula.
He said that the HMDA had secured oral consent for most of the land from farmers. The HMDA would sign agreements with land owners to pool 1,240 acres of land, develop roads and provide other amenities. The ratio of developed land sharing between HMDA and land owners will be based on current market value.
