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Monday, December 4, 2023

Kokapet Land Auction Sets Record for Rs. 100 Crore per Acre


Hyderabad: In a significant boost to urban sentiment, the Hyderabad Metropolitan Development Authority (HMDA) achieved a groundbreaking milestone during an e-auction held on Thursday, fetching an astounding Rs. 100 crore per acre for Kokapet land parcels. The auction, which featured seven premium plots within the esteemed Neopolis Layout in Kokapet, shattered previous records by amassing an unprecedented total of Rs. 3,319.60 crore.

Conducted in collaboration with MSTC, a Union government enterprise, the e-auction drew substantial attention as it targeted investors and real estate developers from key cities like Mumbai, Bangalore, Chennai, and Hyderabad. The Neopolis Layout stands out with its contemporary infrastructure boasting 36 and 45-meter wide roads, designed to accommodate high-rise constructions with unlimited Floor Space Index (FSI). Its strategic location in close proximity to social infrastructure, along with easy connectivity to major parts of the city through the Outer Ring Road (ORR) and other connecting routes, added to its allure.

The auction comprised a selection of seven plots, varying in size from 3.60 acres to 9.71 acres, collectively spanning 45.33 acres of prime land in Kokapet. The initial upset price value for these plots was set at Rs. 1,586.50 crores. However, the actual proceeds from the auction surpassed expectations, reaching a remarkable Rs. 3,319.60 crores. Notably, the highest bid achieved an unprecedented Rs. 100.75 per acre, marking an all-time record within the state.

While the fixed upset price per acre was established at Rs. 35.00 crores, the average bid price per acre soared to Rs. 73.23 crores. The auction witnessed prominent players in the real estate arena securing substantial land parcels. Brigade Enterprises acquired an impressive 68 acres for Rs. 660 crore, while MSN Pharma procured 75 acres at a value of Rs. 511 crore. APR Group also made a significant investment, acquiring 67.25 acres for Rs. 506.39 crore.

The remarkable outcome of this e-auction not only demonstrates the robust appeal of Kokapet’s Neopolis Layout but also underscores the escalating interest of investors and developers in Hyderabad’s real estate landscape. The soaring prices and fervent participation in this auction are indicative of the city’s growing prominence as a desirable hub for real estate investment.


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