Hyderabad: Major companies such as Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders competed to acquire 7.8 acres in Kukatpally Housing Board Colony. The land sold for Rs 547 crore. Officials mentioned that the sale was conducted through a clear e-auction on Wednesday. Godrej bought the land at Rs 70 crore per acre.
Godrej’s entry is expected to boost the real estate scene in and around Hyderabad. The area, close to Hi-Tech City, already hosts several multi-storey buildings. A new significant project by Godrej is now planned for the location.
Last month, the Housing Board announced the sale of the 7.80-acre plot via e-auction. VP Gautam, Housing Board Vice Chairman, confirmed that well-known companies like Godrej Properties, Aurobindo, and Prestige Ashoka Builders took part in the online, transparent auction on Wednesday.
The auction, lasting about three and a half hours, started with a minimum price of Rs 40 crore per acre. However, bidders raised the price 46 times. Godrej eventually offered the highest bid of Rs 70 crore per acre, securing the land.
