Kokapet Neopolis plots’ e-auctions add Rs 2,708 crore to HMDA coffers

Two plots at Kokapet’s Neopolis fetched record bids of Rs 151.25 crore and Rs 147.75 crore per acre during HMDA’s second round of e-auctions. The competitive bidding, which lasted over seven hours, reflects soaring demand in Hyderabad’s land market.

Hyderabad: Two plots at Kokapet’s Neopolis attracted bids of Rs 151.25 crore per acre and Rs 147.75 crore per acre during e-auction by the HMDA on Friday.

At the second round of Neopolis e-auctions, Plot 15 measuring 4.03 acre won a bid of Rs 151.25 crore per acre by Lakshmi Narayana Gummadi, Karteesh Reddy Madgula, Sharat Ventrapragada, and Shyam Sunder Reddy Vangala. For the Plot 16 that measures 5.03 acre, the successful bid of Rs 147.75 crore per acre was secured by Godrej Properties Limited.

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The two auctions together promise to add Rs 1,352 crore to the HMDA coffers. Combined with the first round of auctions, the total value from the Neopolis auctions now stands at Rs 2,708 crore, according to a press release from HMDA.

The bidding commenced at 11 am and continued well beyond 6.30 pm, reflecting the interest and competitive depth of developer participation.

With these record-setting outcomes, the revised average value of Rs 142.83 crore per acre reflects one of the steepest upward movements witnessed in the Hyderabad land market, said the release.

With two consecutive rounds delivering record valuations, expectations are now high for the upcoming e-auctions scheduled on December 3 at Neopolis and December 5 at Golden Mile, it said.