HYDERABAD: Setting a new record beyond its previous high on Nov 24, the Neopolis auction saw a remarkable land sale on Friday. A 4.03-acre plot fetched an astounding Rs 151.25 crore per acre, contributing approximately Rs 609 crore to the state’s revenue. Additionally, another 5.03-acre parcel generated Rs 147.75 crore per acre for the Hyderabad Metropolitan Development Authority (HMDA), bringing the total to Rs 1,352 crore.
During this week’s earlier Neopolis auction, the highest bid was Rs 137 crore.
Plot no 15, measuring 4.03 acres, was secured by Lakshmi Narayana Gummadi, Karteesh Reddy Madgula, Sharat Ventrapragada, and Shyam Sunder Reddy Vangala. Plot no 16 was acquired by Godrej Properties Limited.
The total revenue accumulated by HMDA from the Neopolis auctions this week has now reached Rs 2,708 crore.
“This outcome greatly surpasses the impressive results from the first round on Nov 24,” stated Sarfaraz Ahmad, commissioner of HMDA, adding, “With rising valuations and increasing competition, Neopolis has established itself as one of India’s most valuable urban land markets.”
Officials remarked that these record-breaking results have adjusted the average value to Rs 142.83 crore per acre, marking significant growth in Hyderabad’s land market. They indicated that the results have made Neopolis a prime destination for leading national and regional developers.
Anticipation is high for the upcoming e-auctions, scheduled for Dec 3 at Neopolis and Dec 5 at Golden Mile, which are expected to attract strong interest from developers.
The HMDA has announced an auction for approximately 44 acres of land in Kokapet and Moosapet. The previous auction achieved Rs 100 crore per acre, leading the authority to set an upset price of Rs 99 crore per acre in the Neopolis layout, Rs 70 crore per acre for the Golden Mile layout, and Rs 75 crore per acre in Moosapet.
