HYDERABAD: The real estate market in Hyderabad shows signs of resurgence as the Telangana Housing Board successfully sold a commercial plot for Rs 33 crore and another for Rs 11 crore in Gachibowli. The board held an auction on Monday, offering plots in Gachibowli, Chintal, Nizampet, among others, generating a total revenue of Rs 65 crore.
According to Telangana Housing Board (THB) commissioner VP Gautam, one commercial plot spanning 1,487 square yards in Gachibowli was sold at Rs 2.20 lakh per square yard, bringing in Rs 33 crore.
The government had initially set an upset price of Rs 1.20 lakh per square yard for the land. Nearby plots intended for schools, priced at Rs 80,000 per square yard by the government, sold for Rs 1.12 lakh per square yard instead.
Moreover, two Middle Income Group (MIG) plots in the same area were sold at Rs 1.86 lakh and Rs 1.32 lakh per square yard respectively. Officials noted that auctions in Gachibowli alone contributed Rs 56 crore to the board’s revenue.
Plots in Chintal and Qutubullapur also attracted significant bids. From the 10 plots in Chintal, three plots—Nos. 113, 114, and 115—yielded Rs 8.11 crore, while four plots in Bachupally and Nizampet brought in Rs 70 lakh.
Recently, the THB also auctioned plots in KPHB, where one square yard fetched a remarkable Rs 2.98 lakh. In Phase 7 of KPHB, 18 plots were auctioned, raising Rs 142 crore for the board, with one plot (No. 22) achieving the highest bid of Rs 2.98 lakh per square yard. On average, the board earned Rs 2.38 lakh per square yard for the 6,232 square yards sold.
As per the regulations, successful bidders are required to pay 25% of their bid amount to the THB immediately, with the remaining balance due at a later date.
