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HMDA plots average price at Rs 40 cr per acre

Hyderabad: The auction of eight plots in Kokapet measuring 49.92 acres revealed the market potential of Hyderabad. A total of 60 bidders who paid earnest money deposit (EMD) of Rs 5 crore participated in the e-auction. Though the upset price was Rs 25 crore per acre, the average selling price stood at Rs 45 crore […]

By Nabinder Bommala

Updated On - 16 July 2021, 12:20 AM

HMDA plots average price at Rs 40 cr per acre

Hyderabad: The auction of eight plots in Kokapet measuring 49.92 acres revealed the market potential of Hyderabad. A total of 60 bidders who paid earnest money deposit (EMD) of Rs 5 crore participated in the e-auction.

Though the upset price was Rs 25 crore per acre, the average selling price stood at Rs 45 crore per acre. Cutting across sectors, companies in the pharma, IT, real estate etc participated in the e-auction.

Members of the Confederation of Real Estate Developers’ Associations of India (CREDAI) and top property consultants said the scores of companies and investors showing interest should also be attributed to the State’s policies.

“Hyderabad has become a hotbed for real estate activity in the last one year despite the pandemic. Supportive government policies including Comprehensive Integrated Township policy announced in 2020 and the previous TS-iPass policy to boost the conﬁdence among MNCs and corporates boded well for the overall growth of the city,” said Santhosh Kumar, Vice Chairman – Anarock Property Consultants.

Members of CREDAI mentioning ease of doing business and other policies said that Hyderabad is one of the fastest growing cities and the e-auction has proved it again.

“Ease of doing business and other State government policies have contributed to the city’s growth. Companies from parts of the country competing to purchase large parcels of land in Hyderabad have proven the market potential of the city. Today’s e-auction has made it evident that Hyderabad is one of the best places to invest and the city is heading towards growth on a war footing,” said Rajashekar Reddy who was re-elected as general secretary of CREDAI on Thursday.

Real estate growth in Hyderabad during the pandemic period surpassed other southern counterparts namely Bengaluru and Chennai in terms of both new supply and housing sales as per according to several surveys. City also recorded warehousing transactions of 2.4 million sq ft in FY 2021, with 54 per cent of investments driven by the e-commerce sector.

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