Creating a new record in the real estate market in Hyderabad, an acre of land was auctioned for a whopping Rs 100.75 crore on Thursday.
It was a windfall for the Telangana government as the Hyderabad Metropolitan Development Authority (HMDA) earned Rs 3,319 crore in the e-auction for second phase of Neopolis Layout in Kokapet.
The HMDA auctioned seven plots measuring 45.33 acres and earned a revenue of more than double the total set price of Rs1,586 crore.
The highest bid was Rs100.75 crore per acre while the lowest was Rs 67 crore per acre.
The highest bidder was Rajapushpa Properties Private Ltd. Its bid was Rs 362.70 crore for a 3.60 acre plot. According to Urban Infrastructure and Development Secretary Arvind Kumar, the average bid was Rs 73.23 crore per acre against the set price of Rs 35 crore.
"This reaffirms the state's buoyancy and robustness," he tweeted.
Seven land parcels with the area ranging from 3.6 acres to 9.71 acres went under the hammer in the online auction conducted through MSTC Ltd, a Central government enterprise.
Kokapet, in western Hyderabad, has emerged as a prime location for the real estate market in the city. In 2021, the Telangana government had earned revenue of over Rs 2,000 crore with the auction of 49.949 acres of land in the same area with the highest price being Rs 60 crore per acre.
While the HMDA had set the price at Rs 25 crore per acre, the e-auction fetched a maximum price of Rs 60.2 crore per acre for 1.65 acre plot. The minimum revenue earned per acre in the auction was Rs 31.2 crore an acre.
