Land auctions in Kokapet fetch record prices; fill HMDA coffers

Hyderabad: The open plots in Kokapet area got record prices as the auction by the Hyderabad Metropolitan Development Authority (HMDA) has fetched over Rs 137 crore per acre near Neopolis.

The HMDA officials conducted the auction for plot numbers 17 and 18. According to official information, the plot no. 17 has 4.59 acres and it was sold for a price of Rs 136.50 crore per acre. The plot no 18 has 5.31 acres and it was sold for a record price of Rs 137.25 crore per acre. The HMDA has earned Rs 1,355.33 crore for the auction of 9.90 acres land in these two plots.

HMDA officials would auction the remaining lands in Kokapet on November 28 and also on December 3. The base price for these land parcels was Rs 99 crore per acre. The plots, which would come for auction include Golden Mile- 1.98 acres with a base price of Rs 70 crore per acre, Moosapet- 11.48 acres with a base price of Rs 75 crore per acre and additional plots of 3.18 acres with a base price of Rs 75 crore per acre.

Giant real estate companies are coming forward to purchase the plots at Neopolis layout on a large scale, thanks to the availability of international-level facilities. Moreover, the no limit on the number of floors that can be built here is said to be the reason for more real estate companies showing interest in these land parcels. There is a possibility of building commercial and residential projects. Since this project is close to both ORR and Rayadurgam IT companies, the prices of these land parcels in Kokapet are skyrocketing.