Hyderabad: In the highest land price in the history of Hyderabad, one acre of a plot fetched a whopping Rs 100.75 crore with the Hyderabad Metropolitan Development Authority (HMDA) generating a record over Rs 3000 crore for seven prime plots in the Neopolis Layout in Kokapet, officials said. An official said that a plot sprawling over 3.6 acres of land in the Neopolis layout developed by the HMDA at survey numbers 239 and 240 in Kokapet has been sold at a record rate of Rs.100.75 crore per acre in the e-auction.
The Plot No. 10 next to the main road in the layout thus fetched a total of Rs 362.70 crore. Remarkably, the maximum price was Rs. 40 crores per acre more than the previous auction as per an official. On Thursday, HMDA conducted an e-auction for 45.33 acres in seven plots in the second phase of Neo Polis, Kokapet.
Apart from Shahpoorji Pallonji, APR, My Home, Rajpushpa, and other renowned real estate giants, some small firms also participated in the e-auction. Auctions were held for plots 6, 7, 8, 9 in the morning and plots 10, 11, 14 in the afternoon. The highest price in the morning session was Rs 75.50 crores per acre and the highest price in the afternoon session was Rs. 100 crore, said an official.
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In the morning session, the lowest price per acre (8th plot) was Rs.68 crores, while in the second-afternoon session, the lowest price per acre (11th plot) was Rs.67.25 crores. A total of 45.33 acres fetched the HMDA a revenue of Rs 3,319.60 crore. The average price of Rs.73.23 crore per acre is expected to be a record in the history of real estate in Telangana.
The HMDA has developed the Neopolis sprawling over 531.45 acres of land in Kokapet. Along with roads, drinking water, sewerage system and other facilities are being provided in the neopolis. In total, a total of 329.22 acres of land at the site have already been allotted to various firms. The latest auction got a huge response than the officials expected with the HMDA fetching Rs1,300 crores more than last time.
Reacting to the overwhelming response to the plots by investors, CM KCR said that the record land price is a “reflection of Telangana's leverage and the progress it is making”. The CM stated that world-class giant companies should compete and buy land “not only from an economic point of view but also from a development point of view”.
KCR said that the growing craze for land also reflects the development going on in Hyderabad. He described the development as a “slap in the face to those who have insulted the city's self-respect, to create fear that Hyderabad will be devastated”. “This is proof of the state government's efforts to make Hyderabad a cosmopolitan city, that no matter how much damage is done to Telangana, it is persistently leading the villages and towns in the path of progress,” the CM said.
On this occasion, the CM congratulated the HMDA officials, Minister KTR, HMDA Metropolitan Commissioner, and Special Chief Secretary Municipal Administration Arvind Kumar.
