HMDA rakes in Rs.3,319 cr in Neopolis land auction; an acre fetches record Rs. 100 cr

HYDERABAD: Kokapet land auctions fetched a record Rs. 100 crore per acre during an e-auction held by the Hyderabad Metropolitan Development Authority (HMDA) on Thursday, boosting positive urban sentiment.

The e-auction of seven premium plots developed in Neopolis Layout in Kokapet, a prominent landmark of Hyderabad, yielded a record amount of Rs 3,319.60 crore, breaking all previous records.

The Hyderabad Metropolitan Development Authority (HMDA) held e-auctions for open plots in Neopolis at Kokapet Phase-II, Gandipet Mandal, Rangareddy district, using MSTC, a Union government enterprise.

The auction of plots was heavily publicised in order to attract investors and real estate developers from Mumbai, Bangalore, Chennai, and other major cities, including Hyderabad.

The entire layout was developed with most modern infrastructure 36 and 45 metres wide roads and the plots are meant for high rise buildings with unlimited FSI. The layout is very close to the social infra, connectivity to the main parts of the city through ORR and Other connecting roads.

A total of seven plots ranging from 3.60 acres to 9.71 acres were auctioned off at Kokapet, totaling 45.33 acres. The upset price value for the previously mentioned plots was Rs 1,586.50 crores. The total revenue expected from the auction for the above plots is Rs. 3,319.60 crores.

The highest price obtained was Rs. 100.75 per acre, an all-time record in the state. The fixed upset price per acre was Rs. 35.00 crores, but the average bid price per acre is Rs. 73.23 crores.

Brigade Enterprises bought 68 acres for Rs. 660 crore, whereas MSN Pharma bought 75 acres for Rs. 511 crore and APR Group bought 67.25 acres for Rs. 506.39 crore.