Neopolis Helps Telangana Raise Rs 3,708 Crore in Auction
Third phase sees bids up to Rs 131 cr per acre as Neopolis averages Rs 137.36 cr.
Hyderabad: The Kokapet Neopolis auction series has generated a revenue of Rs 3,708 crore. On Wednesday, the third phase of the auction was held, with one plot being bid for Rs 131 crore per acre and another for Rs 118 crore per acre.
The upset price for each of these plots in Neopolis Layout in Kokapet, which is marked as ‘multi-use zone’, is Rs 99 crore per acre. On Wednesday, Plot No. 19, which is four acres, was secured by Yula Constructions LLP and Globus Infracon LLP for Rs 524 crore and Plot No. 20, which is Brigade Enterprises Ltd secured 4.04 acre for Rs 476.72 crore.
The auction was conducted by the HMDA on behalf of the state government.
While the individual valuations in the third phase were modest in comparison to the exceptional numbers achieved in the earlier rounds, the aggregate revenue raised with the auction was remarkable, said HMDA in a statement.
On November 28, the second round of auction of land parcels in Neopolis Layout in Kokapet saw a huge leap in land rate on Friday, with one of the plots being sold for Rs 151.25 crore per acre and another being sold at Rs 147.75 crore per acre.
The round one auction, also held on November 24, saw a huge jump in land rate on Monday, with one of the plots being sold for Rs 137.25 crore per acre.
The revised average pricing for the Neopolis auctions now stands at Rs 137.36 crore per acre. This represents an exceptional increase of 87 per cent over the previous Neopolis auctions in 2023 and reflects the rapid strengthening of market confidence in the location.
With Neopolis posting consistent value enhancement across all phases, attention now turns to the upcoming auction at Golden Mile scheduled on December 5, which is expected to attract continued interest from the development community.
