The Hyderabad Metropolitan Development Authority (HMDA) is gearing up to auction a prime land of 25 acres in the Neopolis layout, Kokapet. The event, expected to raise around ₹3,000 crore for the Telangana state government, is likely to take place in the last week of November. The formal notification for the auction is anticipated in early November or after the opening of the Jubilee Hills bypass.
This auction marks the third phase of Neopolis land auctions. The earlier phases had significant achievements. In June 2021, during the first phase, HMDA auctioned 49 acres, earning about ₹2,000 crore. The second phase, conducted in August 2023, saw 46 acres auctioned, fetching ₹3,300 crore. The prices here touched a high of ₹100 crore per acre.
The upset price, which is the minimum bidding rate, that started at ₹35 crore per acre in the previous auctions, is expected to see a surge this round. The expected rise is especially after the Telangana State Industrial Infrastructure Corporation (TGIIC) achieved a record-breaking ₹177 crore per acre in its Raidurg land auction earlier this month.
Officials have pointed out that the government has auctioned approximately 95 acres at Neopolis across the two phases so far, generating an impressive total of ₹5,300 crore.
The HMDA and the state government view the land auctions in western Hyderabad, specifically in Raidurg and Kokapet, as secure and highly profitable. The first significant auction in Kokapet took place in 2006 under the Golden Mile Project, which is often referred to as the “mother of all auctions.” However, a portion of this land remains under litigation.
Recently, the government re-surveyed the Neopolis layout following suspicions that certain earlier bidders had occupied more land than allotted. In response to this, HMDA reclaimed about five acres by issuing notices.
