Highest land price in Hyderabad history at Neopolis Layout Kokapet

HMDA generated a record Rs 3,319. 6 crore with the highest bid going for an all time high of Rs 100.75 crore for one acre of plot

Hyderabad: The e-auction of seven prime open plots in Neopolis Layout at Kokapet, spread over 45.33 acres, has garnered huge response from investors, with Hyderabad Metropolitan Development Authority (HMDA) on Thursday generating a record Rs 3,319.6 crore with the highest bid going for an all time high of Rs 100.75 crore for one acre of plot in Telangana. The average bid for the entire seven plots was Rs 73.23 crore per acre, as against the upset price of Rs 35 crore per acre.

“Seven plots ranging from 3.60 acres to 9.71 acres at Kokapet, an extent of 45.33 acres were auctioned. The upset price value for the above plots was Rs 1,586.50 crore. The total revenue to be received through auction for the above plots Rs 3,319.60 crore while the highest price received was Rs 100.75 per acre which is all time high record in the State. The upset price fixed was Rs 35 crore per acre whereas the average bid price per acre is Rs 73.23,” the HMDA in a statement said.

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The highest bid of Rs 100.75 crore for an acre came from Happi Heights Neopolis, Rajapushpa Properties Pvt Ltd, who offered a total of Rs 362.7 crore for 3.6 acres. The second highest bid of Rs 75.50 crore per acre was from Navatris Investments, Rajapushpa properties Pvt Ltd, who offered a record Rs 494.53 crore for 6.55 acres.

In terms of the maximum total revenue invested in the e-auction, the Brigade Enterprises Limited has spent Rs 660.28 crore for 9.71 acre of land with a bid price per acre of Rs 68 crore. The APR Group has invested Rs 506.39 crore for 7.53 acres with Rs 67.25 crore as bid price per acre.

Reacting to the huge response from investors, Special Chief Secretary, Municipal Administration and Urban Development (MA&UD), Arvind Kumar said “The record response reaffirms state’s buoyancy and robustness”.