Telangana government gets Rs 3,300 cr in Kokapet land auction

Hyderabad: The State government collected Rs 3,300 crore on a single day on Thursday in the auction of open plots of prime land at the Neopolis Layout in Kokapet in the Greater Hyderabad limits. In an astounding price, Rs 100 crore was earned through the sale of one-acre land in the fresh auction.

In Phase-II of the e-auction conducted by the Hyderabad Metropolitan Development Authority (HMDA) seven parcels of 3.60 acres to 9.71 acres, an extent of 45.33 acres, fetched the government a whopping Rs 3,319.60 crore from corporate houses and those who purchased the plots. According to HMDA, the auction of plots was widely published to attract investors and real estate developers across metro cities of Mumbai, Bangalore, Chennai, and Hyderabad.

The entire layout is developed with most modern infrastructure-36 and 45-metre-wide roads.

The plots are meant for high-rise buildings with unlimited FSI. The layout is very close to the social infra, connectivity to the main parts of the city through ORR and other connecting roads. The upset price value for the plots was Rs.1,586.50 crore.

The highest price received was Rs 100.75 crore per acre which is all-time high record in the State.

The upset price fixed was Rs 35 crore per acre, whereas the average bid price per acre was Rs 73.23 crore.

The e-auction of Neopolis Layout’s prime plots led to a remarkable surge in land prices, with each acre fetching a staggering over Rs 73 crore. The auction’s success not only demonstrates Hyderabad’s rising prominence in the real estate sector, but also positions it as a leading city in the country.