The auction of open plots in Thorrur and Bahadurpally, conducted by the Rajiv Swagruha Corporation, witnessed an overwhelming response, with one square yard fetching Rs 45,500 in Thorrur and Rs 40,500 in Bahadurpally. The corporation held auctions for 85 open plots across various locations on Monday, of which 66 plots were auctioned in Thorrur, 11 plots in Kurmalguda, and eight in Bahadurpally. As many as 150 bidders participated in the auction, reflecting strong demand for these plots.
Details of the Auction
Corporation managing director VP Gautam stated that the auctions received a positive response. Thorrur, being located close to the Outer Ring Road (ORR) and the Adibatla IT corridor, saw the highest bid touching Rs 45,000 per square yard. While the corporation had fixed Rs 25,000 per square yard as the upset price, the plots were sold at an average of Rs 32,500 per square yard, indicating a significant premium over the base price.
Similarly, Kurmalguda, which is close to Shamshabad airport, attracted bidders who purchased plots for Rs 27,500 per square yard against the upset price of Rs 20,000 per square yard. In Bahadurpally, the upset price was set at Rs 27,000 per square yard, but the highest bid reached Rs 40,500 per square yard, with the average bid standing at Rs 33,800 per square yard.
Factors Driving Demand
The proximity to key infrastructure projects such as the ORR, IT corridor, and the international airport has been a major factor driving the demand for these plots. The positive response from bidders underscores the growing interest in real estate in these developing areas.
The auction results highlight the robust demand for residential plots in Hyderabad's peripheral regions, with buyers willing to pay a premium over the upset price. The Rajiv Swagruha Corporation's initiative has successfully tapped into this demand, providing affordable housing options for the public.
