Telangana government green signals for Kokapet lands auction

The Telangana government on Wednesday issued green signal to auction Kokapet lands in Neopolis under the survey number 239,240. The government affirmed that the whole rights on the lands belong to government and HMDA will conduct the land auction as a government agent.

The government also directed the Rangareddy district to carry out the registration of lands purchased by the bidders in the auction held in July. The orders were issued by the CS Somesh Kumar accordingly.

It is known that the government conducted the auctioning of Kokapet lands in July this year which attracted the attention of public as the lands were sold as hot cakes in the online auction. A total of eight plots measuring 48.27 acres had been kept for sale and a total of 60 bidders competed to grab the lands. The minimum price for an acre was fixed at 25 crores by the government.

However, the lowest bid for the land was Rs 31.2 crores whereas the highest bid amount was Rs 60.2 crores per acre for plot no 2/P (West part) measuring 1.65 acres. Rajapushpa Realty LLP grabbed the plot for a total of Rs 99.33 crore. The HMDA made profits of Rs 2000.37 crore by auctioning Kokapet lands.

The government has taken up auctioning of Kokapet lands earlier this year. However, the auctioning of some lands has been postponed following petitions in high court opposing the land auction. The government is expecting to generate an income of Rs 5,000 crores by auctioning the lands.

The HMDA made profits of Rs 2000.37 crore by auctioning Kokapet lands.