HYDERABAD: Surpassing all estimates, the e-auction of seven prime plots in Neopolis Layout, Kokapet, Phase-2, generated a whopping Rs 3,319.60 crore, with Happi Heights Neopolis and Rajapushpa Properties Pvt Ltd bidding Rs 362.70 crore for a 3.60-acre parcel of land, or Rs 100.75 crore per acre, shattering all previous records in both the Telugu States.
The State government had set the upset price at a comparatively modest Rs 35 crore per acre, but the average bid price per acre came to a staggering Rs 73.23 crore, more than double the expectations of everyone concerned. The lowest bid was Rs 67.25 crore per acre.
The auction saw intense competition from real estate firms, developers and investors. While Happi Heights Neopolis and Rajapushpa Properties Pvt Ltd acquired 3.60 acres for Rs 362.70 crore at Rs 100.75 crore per acre, Navatris Investments and Rajapushpa Properties Pvt Ltd bid Rs 494.53 crore for 6.55 acres at Rs 75.50 crore per acre.
De Blueoak and P Mangatram Properties LLP secured 3.60 acres for Rs 270.90 crore at Rs 75.25 crore per acre while MSN Pharmachem Pvt Ltd bid for 7 acres for Rs 511 crore at Rs 73 crore per acre. Lakshmi Narayana Gummadi, Vangala Shyam Sunder Reddy, Venkateswara Rao Ventrapragada and Madugula Karteesh Reddy bid Rs 513.80 crore for 7.34 acres at Rs 70 crore per acre. Brigade Enterprises Ltd bagged 9.71 acres for Rs 660.28 crore at Rs 68 crore per acre, and APR Group secured 7.53 acres for Rs 506.39 crore at Rs 67.25 crore per acre.
CM says Kokapet land values proof of development
Reacting to the staggering bids, Chief Minister K Chandrasekhar Rao said that they were a reflection of Hyderabad’s leverage and progress by Telangana. In a statement, he said international companies vying with each other to buy lands in the auction was an indicator of Hyderabad’s development.
“It’s also a slap on the face of those who said the land values in Hyderabad will fall after the formation of Telangana,” Rao said. Ecstatic over the record-breaking prices, HMDA officials proclaimed that the auction reaffirmed Hyderabad’s position as the favoured destination for investments and real estate development. They expressed gratitude to the bidders for the overwhelming response.
The e-auction was conducted through MSTC Limited, a Government of India Enterprise. The successful bidder has to pay the first instalment/initial deposit of 33 per cent of the sale value, excluding the EMD, within seven days, the second instalment of 33 per cent of the sale value within one month and the balance amount, including EMD, within 90 days from the date of e-auction (without interest).
The Neopolis Layout at Kokapet, developed by Hyderabad Metropolitan Development Authority (HMDA), spans 45.33 acres and boasts modern infrastructure with 36-metre and 45-metre wide roads. The plots are ideal for high-rise buildings with unlimited FSI. The layout is strategically located close to essential social infrastructure, with excellent connectivity to the city’s main areas through ORR and other connecting roads.