Telangana Government’s E-Auction: Kokapet Land Prices Soar to Rs. 72 Crores Per Acre
Discover the record-breaking e-auction results by Telangana government as Kokapet land prices reach an unprecedented Rs. 72 Crores per acre. Get insights into the Phase-2 Neopolis Layout e-auction and its impact on real estate development in Hyderabad.
Telangana’s Neopolis Layout in Kokapet witnessed a historic e-auction conducted by the Hyderabad Metropolitan Development Authority (HMDA) on Thursday, where record prices were fetched for prime land parcels.
The auction spanned seven plots, covering 45.33 acres, and brought in an astonishing revenue of Rs. 1,533 crore in the first round alone. The average land price reached a remarkable Rs. 1.5 lakh per yard, and it is estimated that the total revenue from all seven plots may go up to Rs. 2,500 crore.
A remarkable highlight of the e-auction was Plot No.9, which spread over 3.60 acres and saw each acre fetching an unprecedented Rs. 75 crore. The intense competition for this plot indicates the immense interest from builders and investors in this highly sought-after location. Additionally, other plots are expected to attract bids of around Rs. 50 crore per acre, further contributing to the impressive revenue generated for the government.
Phase-2 Neopolis Layout E-Auction
This e-auction was the second phase of the Neopolis Layout auction, which started on Thursday and continued until 6 pm. The first phase of the Kokapet e-auction, conducted in July 2021 during the peak of the Covid-19 pandemic, generated Rs. 2,000.37 crore from eight land parcels spread over 49.94 acres. The success of both phases showcases the growing importance of Hyderabad as a favored city for investments, job creation, and real estate development.
Infrastructure and Desirability of Neopolis Layout
Neopolis Layout stands as a testament to focused development and sustainable growth, boasting essential infrastructure valued at Rs. 350 crore. The area features well-constructed roads, water and sewerage lines, streetlights, parks, and other amenities that make it a highly desirable location for businesses and residential ventures alike.
Multinational companies, major corporations, institutions, and leading firms have all set their sights on Hyderabad, further reinforcing its position as a prime investment hub. The ongoing projects in the area encompass high-quality housing, commercial buildings, shopping centers, offices, and more, making it an attractive prospect for developers, corporates, and investors.
Minimum Price and Increment Bids
The Telangana government set a minimum upset price of Rs. 35 crore per acre for the e-auction, with an increment bid of Rs. 25 lakh per square yard or multiples thereof. During the Phase-1 auction, the minimum upset price was Rs. 30 crore per acre, with an increment bid of Rs. 20 lakh per square yard. Despite these initial figures, the actual land prices at Kokapet soared beyond expectations, underlining the high demand for properties in this area.
The e-auction of Neopolis Layout’s prime plots in Kokapet has led to a remarkable surge in land prices, with each acre fetching a staggering Rs. 72 crores. This auction’s success not only demonstrates Hyderabad’s rising prominence in the real estate sector but also positions it as a leading city in the country.
The massive revenue generated from this auction showcases the city’s immense potential for investors and developers, further bolstering its reputation as a favored destination for real estate investment. The continuous development of basic amenities and infrastructure in Kokapet has contributed significantly to the high prices fetched by these lands, making it a prime location for businesses and residential ventures.
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