The online auction organised by Hyderabad Metropolitan Development Authority (HMDA), fetched record prices as land parcels in Kokapet Neopolis sold for Rs 137.25 crore per acre on Monday.
The plots in Survey No 17, 18 were sold at a base price that was fixed at Rs 99 crore per acre. The final bid for Survey No. 17 blew past all expectations, making the auction one of the most expensive per acre land transactions in the state.
A total of 9.9 acres in survey no 17, 18 fetched a whopping Rs 1,355 crore, highlighting the interest of real estate developers for land near financial district, ORR and the surrounding areas.
Raidurg auction:
The momentum continued after a recent auction by Telangana State Industrial Infrastructure Corporation in Raidurg, which fetched Rs 1,357 crore for 7.67 acres of land.
The auctions by HMDA are set to continue on November 28 and December 3. They include
Golden Mile (Site-2): 1.98 acres, base price Rs 70 crore per acre
Moosapet: 11.48 acres, base price Rs 75 crore per acre
Additional plots of 3.18 acres, base price Rs 75 crore per acre.
The government has opted to hold the online auction in a transparent way and maximise value from prime urban land. Infrastructure development, commercial demand and Kokapet’s emergence as an investment hub is attributed to the rising value of the land.