Real Estate

Land auction in Hyderabad fetches ₹2,000 cr for 50 acres

V Rishi Kumar Hyderabad | Updated on July 15, 2021

There has been steady interest for credible Grade A developers   -  Getty Images/iStockphoto

The highest bid of ₹60.2 crore per acre was received for a 1.65 acre plot

The Hyderabad Metropolitan Development Authority, which has taken up auction of 50 acres of land at Neopolis layout in Kokapet abutting financial district in Hyderabad, has received overwhelming response with a commitment of ₹2,000 crore.

Significantly, while the upset bid amount was ₹25 crore per acre, the bids ranged from ₹31.2 crore per acre to ₹60.2 crore per acre with a weighted average bid amount of ₹40.05 crore per acre. The highest bid of ₹60.2 crore per acre was received for a 1.65 acre plot. Overall, ₹2,000.37 crore will be generated through this auction.

These land parcels were auctioned by HMDA on behalf of the Telangana Government.

According to Metropolitan Commissioner and Principal Secretary, Arvind Kumar, “Such a tremendous response from the market is an affirmation for Hyderabad as the most favourite destination for investment whether its in its growth, in creating employment opportunities or in the real estate sector. The auction has confirmed that Hyderabad continues to be perceived as number one city in the country.”

The auction was conducted online on MSTC platform through online bidding method. The minimum bid amount was kept at ₹25 crore/acre with minimum bid increment of ₹20 lakh or its multiples per acre.

The auction was done in two sessions for 30.778 acres and 19.171 acres. Based on the online bidding, Rajapushpa Properties and Rajapushpa Realty, Aqua Space Developers, Hyma Developers, Prestige Estates Projects, Varsity Education Management and Satyanarayana Reddy Manne were declared as successful bidders.

Published on July 15, 2021

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