18 Sep 2009, 12:06pm
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Two multi-national real estate firms—CB Richard Ellis (CBRE) India and Cushman & Wakefield Pvt Ltd—have signalled the end of realty slump. With this, Hyderabad Metropolitan Development Authority (HMDA) is preparing ground to restart auction of plots in the vicinity of the city. However, upset price of some land parcels might be pegged down and in some areas it might be increased. The HMDA is finalising dates for auction. According to HMDA sources, the auctions might take place in mid-October. The previous auction was held February last. The HMDA had appointed these two multi-national real estate firms two months ago for valuation of various land parcels and leftover plots in its jurisdiction after receiving poor response from bidders to its previous auctions.
The HMDA had asked the two firms to do valuation of leftover plots and land parcels located at Nallagandla Residential Complex and its extension layout, Miyapur Residential Complex and its extension layout, Ramchandrapuram (Chandanagar) Mushk Mahal Residential Complex, HUDA Techno Enclave , Madhapur sector I and II, Tellapur Residential Complex, Nandagiri Hills layout phase-I, Asifnagar new layout, Asifnagar (old) Residential Complex and Vanasthalipuram Complex and also HADA land in July. A report, which was submitted by the two firms, has mentioned that the real estate has now picked up in the city. “We can cash in on rising realty sector if auctions are conducted as early as possible,” a senior HMDA official told ‘TOI.’ “The HMDA has fixed the responsibility of conducting auction on CBRE and Cushman & Wakefield. For this, the HMDA will give 0.33 per cent as success fee on each plot,” the official said. The firms would contact real estate companies in cities like Bangalore, Delhi and Mumbai and invite them to visit locations prior to the auction. The firms would explain to the real estate companies based on four parameters, including strength, weakness, opportunity and threats (SWOT). “If the companies agree for buying land/plots, then auction will be conducted, he added.for more information log on to http://www.maaproperties.com