The Hyderabad Metropolitan Development Authority (HMDA) is preparing to auction an additional 70 acres of land in the Kokapet Neopolis Layout in the new year, following the overwhelming success of its recent land auction that generated significant revenue.
The authority recently conducted an online auction of 29 acres in the Neopolis Layout across three phases this month. The response from builders exceeded expectations, with the highest bid reaching Rs. 151 crore per acre. The auction generated a total revenue of Rs. 3,862.8 crore.
The 70 acres planned for the next auction was originally allotted to the IT SEZ ten years ago. A total of 11 companies were leased this land, but not a single company has established operations on the site. The companies have informed HMDA that they are withdrawing from the lease agreements.
With the deadline given to the companies now expired, the entire land has returned to HMDA’s possession. The authority has already developed major roads and other infrastructure facilities in the area, making it ready for sale.
HMDA is targeting revenue of approximately Rs. 7,000 crore from the auction, estimating bids of at least Rs. 100 crore per acre. Officials suggest that if the response matches or exceeds the recent auction’s enthusiasm, the revenue could surpass Rs. 8,000 crore.
The timing of this auction aligns with the government’s 2047 Rising Telangana initiative, which includes several development programs planned for the city. The state is facing funding challenges for major infrastructure projects including metro expansion, BACR, and elevated corridors for public transport.
HMDA is considering allocating the funds generated from the land auction toward these infrastructure projects. The authority also aims to prevent the land from remaining vacant, as has occurred in areas like Miyapur and Jawahar Nagar, where vacant plots have faced encroachment issues.
The matter regarding the land’s legal status is expected to be resolved with the relevant institutions, after which HMDA will have full rights to proceed with the auction without any complications.
