In a remarkable feat that has reverberated throughout Hyderabad's real estate landscape, a single acre of land commanded a staggering price of Rs 100.75 crore in a recent auction. The Hyderabad Metropolitan Development Authority (HMDA) orchestrated the sale as part of the second phase of the Neopolis Layout in Kokapet, garnering an astonishing revenue of Rs 3,319 crore.
The HMDA's auction encompassed a collection of seven plots, totaling 45.33 acres, yielding a revenue that surpassed double the initially targeted sum of Rs 1,586 crore. Notably, bids ranged from a minimum of Rs 67 crore per acre to an exceptional high of Rs 100.75 crore per acre.
The triumphant bidder, Rajapushpa Properties Private Ltd., secured a 3.60-acre parcel with a winning bid of Rs 362.70 crore. The average bid per acre soared to Rs 73.23 crore, decisively surpassing the predetermined price of Rs 35 crore and underscoring the market's remarkable vitality.
Urban Infrastructure and Development Secretary Arvind Kumar underscored the auction's implications, affirming that this accomplishment underscores the state's economic vigor and resilience. The online auction, conducted through MSTC Ltd., a Central government enterprise, involved seven land parcels ranging from 3.6 acres to 9.71 acres.
Kokapet, positioned in western Hyderabad, has firmly established itself as a sought-after hub within the city's real estate realm. The area's allure was previously evident in 2021, when the Telangana government raked in revenue exceeding Rs 2,000 crore from the auction of 49.949 acres, reaching a zenith of Rs 60 crore per acre.
Although the HMDA initially priced the land at Rs 25 crore per acre, the ensuing e-auction witnessed bids that escalated to an impressive Rs 60.2 crore per acre for a 1.65-acre parcel. The auction's per-acre earnings fluctuated, with a minimum of Rs 31.2 crore achieved.
Overall, this groundbreaking sale underscores Kokapet's ascendancy within Hyderabad's real estate landscape, reaffirming its status as a prized location for remarkable property transactions.
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