Hyderabad plots sold at record ₹100 cr per acre, fetch govt ₹3k crore

Telangana chief minister K Chandrasekhar Rao said in a statement on Friday that the sale of lands at a whopping ₹100 per acre reflected the state’s prestige and the exemplary growth registered

Hyderabad

The Hyderabad Metropolitan Development Authority, which conducted the auction, said that the bid for a 3.60-acre plot was bagged by Hyderabad-based Rajapushpa Properties Private Ltd for the highest bid of ₹362.70 crore at the rate of ₹100.75 crore per acre (HT Archives)

The e-auction of seven prime open plots spread over 45.33 acres at Kokapet on the outskirts of Hyderabad on Thursday fetched a huge revenue of ₹3,319.60 crore to the Telangana government, with one of the plots being sold out for a whopping ₹100.75 crore per acre.

The Hyderabad Metropolitan Development Authority, which conducted the auction at the Neopolis layout, said in a statement that the bid for a 3.60-acre plot was bagged by Hyderabad-based Rajapushpa Properties Private Ltd for the highest bid of ₹362.70 crore at the rate of ₹100.75 crore per acre.

This is an all-time high record in the state. The previous highest bid for any plot in the state was ₹60.20 crore per acre, which was won by the same company at another layout in the same Kokapet region last year, the HMDA statement said.

While the government expected to generate a minimum revenue of ₹1,586.50 crore from the auction of seven plots, ranging from 3.60 acres to 9.71 acres, by fixing an upset price of ₹35 crore per acre, the auction fetched ₹3,319.60 crore at an average of ₹73.23 crore per acre.

The second highest bid of ₹75.50 crore per acre was also from Rajapushpa Properties, which offered a record ₹494.53 crore for 6.55 acres.

In terms of the maximum total revenue invested in the e-auction, the Brigade Enterprises Limited has spent ₹660.28 crore for 9.71 acre of land with a bid price per acre of ₹68 crore. The APR Group has invested ₹506.39 crore for 7.53 acres with ₹67.25 crore as bid price per acre.

Special Chief Secretary, Municipal Administration and Urban Development (MA&UD), Arvind Kumar tweeted: “The record response reaffirms state’s buoyancy and robustness.”

“The entire layout is developed with most modern infrastructure 36 and 45 mtrs wide road and the plots are meant for high rise buildings with unlimited Floor Space Index,” the HMDA said in the statement.

The layout is very close to the social infrastructure like financial district, Information Technology hubs like Madhapur and Nanakramguda and has connectivity to the main parts of the city through Outer Ring Road and other connecting roads.

The HMDA said there was tremendous response from investors and real estate developers across the metro cities of Mumbai, Bangalore, Chennai and Hyderabad.

Telangana chief minister K Chandrasekhar Rao said in a statement on Friday that the sale of lands at a whopping ₹100 per acre reflected the state’s prestige and the exemplary growth registered.

He said one should look into the purchase of Telangana lands by the world-class companies at such a high price not only from an economic point of view but also from the perspective of Telangana’s progress.

“The development index of Hyderabad is a reflection of the city reached to many heights. The land prices is a slap on the face to those who had insulted Hyderabad’s self-esteem by creating fears that the city would lose its sheen and land prices would fall, if Telangana attained statehood,” KCR said.