NAVEENA GHANATE
Hyderabad
In an all-time high record, an acre of land fetched Rs 100 crore at an auction of Kokapet Neopolis Phase-II. The HMDA conducted an e-auction of open plots of the Neopolis at Kokapet Phase–II in the Gandipet Mandal of Rangareddy district through MSTC.
The highest price received was Rs 100.75 per acre for Plot 10 measuring 3.60 acres. The bidder is a JV of Happi Heights Neopolis and Rajapushpa Properties Pvt Ltd.
While the total upset value of Plot 10 was Rs 126 crore, it fetched Rs 362.70 crore. The biggest plot (Plot 8) was bagged by the Bengaluru-based Brigade Enterprises Limited which has an area of 9.71 acres at a cost of Rs 660.28 crore.
The auction of plots was widely published to attract investors and real estate developers from the metro cities of Mumbai, Bengaluru, Chennai and Hyderabad.
The entire layout is developed with modern infrastructure and 36 and 45-metre-wide roads. The plots are meant for high-rise buildings with unlimited FSI. The layout is very close to social infra and connectivity to the main city areas is through ORR and other connecting roads.
Seven plots in Kokapet ranging from 3.60 acres to 9.71 acres in a total area of 45.33 acres were auctioned.
The upset price of the above plots was Rs 1,586.50 crore. The total price that will be received through the auction for the above plots is Rs 3319.60 crore. The upset price fixed was Rs 35 crore per acre while the average bid price per acre was Rs 73.23 crore.
Special Chief Secretary Arvind Kumar said, “A record Rs 3,319.6 crore was realised through today’s auctions. It reaffirms the state’s economic buoyancy and robustness.”
