Wednesday, November 29, 2023
Home » Nation » Current Affairs » August 3, 2023

Hyderabad's Kokapet Layout Land Goes for Rs 100 Cr an Acre

DECCAN CHRONICLE | Sanjay Samuel Paul

Published on: August 3, 2023 | Updated on: August 4, 2023

The record bidder was Rajapushpa Properties Pvt Ltd for Happi Heights Neopolis. (Image: Twitter)

Hyderabad: An acre at the Neopolis layout of Kokapet was sold for a record Rs 100.75 crore, at an e-auction conducted here on Thursday. The auction of 45.33 acres in the layout, divided into different plot sizes, fetched the government Rs 3,319.6 crore, against the upset price of Rs 1,586.50 crore.

The record bidder was Rajapushpa Properties Pvt Ltd for Happi Heights Neopolis. For the 3.6-acre site, they bid Rs 362.70 crore. The second highest bid was by Navatris Investments at Rs 75.50 crore per acre for the 6.55-acre Plot 7. Their bid amounted to Rs 494.53 crore.  Brigade Enterprises Limited bid Rs 660.28 crore for the 9.71-acre Plot 8.

Even the least valued plot could fetch the government Rs 506.39 crore: APR Group bid for Plot 11, measuring 7.53 acres, Rs 67.25 crore per acre.

In the first round of auctions for 49.949 acres at Neopolis on July 16, 2021, the government had earned Rs 2,000.37 crore. Thursday’s auction constituted the second round.

The layout has been developed by HMDA with modern infrastructure, 36- and 45-metre wide roads. The plots are meant for high rise buildings with unlimited floor space index. HMDA said the auction was widely publicised to attract the interest of real estate developers.

Golden harvest

The government hit pot gold in its auction of land at Neopolis.

Area: 45.33 acres

Highest bid: Rs 100.75 per acre

Lowest bid: Rs 67.25 cr per acre

Total: Rs 3.319.6 crore