The State government in Hyderabad collected a massive amount of Rs 3,300 crore in a single day through the auction of open plots of land in Kokapet. One acre of land was sold for an astounding Rs 100 crore.
The auction, conducted by the Hyderabad Metropolitan Development Authority (HMDA), saw the sale of seven parcels of land ranging from 3.60 acres to 9.71 acres, totaling 45.33 acres. Corporate houses and individuals who purchased the plots contributed to the government’s earnings. The auction was advertised widely to attract investors and real estate developers from major cities like Mumbai, Bangalore, Chennai, and Hyderabad.
The Neopolis Layout, where the plots are located, is developed with modern infrastructure, including 36 and 45-meter-wide roads. The plots are designated for high-rise buildings with unlimited floor space index (FSI). The layout is conveniently located near social infrastructure and has good connectivity to the main parts of the city through the Outer Ring Road (ORR) and other connecting roads. The initial price set for the plots was Rs.1,586.50 crore.
The highest price received during the auction was Rs 100.75 crore per acre, setting a new record in the State. The upset price for each acre was fixed at Rs 35 crore, while the average bid price per acre was Rs 73.23 crore.
The successful e-auction of prime plots in the Neopolis Layout has led to a significant increase in land prices, with each acre selling for over Rs 73 crore. This achievement not only highlights Hyderabad’s growing prominence in the real estate sector but also establishes it as a leading city in the country.
