Everyone has a dream of having a house. House is something everyone plans for, irrespective of Lower income, Middle-class, or Higher-class families; they plan for a house per their capacity. Owning a home brings additional benefits in terms of education for their children, or access to emergency medical facilities in nearby work and nearby city. This causes people to look for land or homes with permits. But everyone does not know that purchases of lots comes under the umbrella of Hyderabad Metropolitan Development Authority (HMDA) divisions and This HMDA divides permissions for residential lands.
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For the past few years, the HMDA has been on a binge of plot auctions in the Hyderabad metropolitan area. Different layouts plotted in different parts of the city are sold out. The HMDA buys government land or purchases from private individuals or firms, and develops it with all basic requirements, before obtaining necessary legal approvals and conducting the auction.
The plots will be detailed by HMDA along with e-auction notification number along with applications of the prospect buyers. In this announcement, HMDA clarifies on the registration process, bidding process, system transparency, and the return of security deposits. This e-auction is open for participation directly by individuals, companies and NRIs in the country.
HMDA announces in advance the plots that go for auction as well as the minimum price. The minimum price serves as an entry price limit for bidders who need to bid at or above this. As per HMDA only EMD (Earnest Money Deposit) has to be paid to take part in the process.
EMD is essential to get qualified for property auctions. This amount of deposit is a security deposit, usually around 10% of the auction price. The one with the highest bid gets the plot.
Post auction, payment needs to be done in parts by HMDA. After payment the plot is registered under the new owner. EMD will be refunded to those who lose the plot.