Housing Board hits Rs 547 crore jackpot
land in Kukatpally Housing Board Colony was purchased by Godrej at a price of Rs 70 crore per acre
Hyderabad: Renowned companies like Godrej Properties, Aurobindo Realty, Prestige Estates and Ashoka Builders have competed to buy 7.8 acres of land in Kukatpally Housing Board Colony, which was sold for Rs 547 crore. According to the officials, the Housing Board sold these lands through a transparent e-auction on Wednesday. This land was purchased by Godrej at a price of Rs 70 crore per acre.
It is said that the entry of Godrej would help the real estate sector in and around Hyderabad to gain momentum and achieve progress. While there were already multi-storey buildings belonging to many companies in this area, which is close to Hi-Tech City, another prestigious project is coming up under the auspices of Godrej.
The Housing Board had last month issued a notification to sell 7.80 acres of land in Kukatpally through e-auction. The Housing Board Vice Chairman VP Gautam said that the nationally renowned Godrej Properties, Aurobindo and Prestige Ashoka Builders participated in the online and transparent auction held on Wednesday.
In this auction, which lasted for about three and a half hours, the minimum price was set at Rs 40 crore per acre, but the bidders participated in the auction by increasing the price 46 times. He said that in this auction, Godrej came forward to pay the highest price of Rs 70 crore per acre and got the land.
