HYDERABAD: The Telangana government continues to thrive in land sales, recording approximately Rs 1,000 crore on Wednesday through the third round of auctions conducted by the Hyderabad Metropolitan Development Authority (HMDA), surpassing the Rs 100 crore per acre milestone.
In the recent auction, Yula Constructions LLP and Globus Infracon LLP secured a 4-acre plot (No. 19) with a winning bid of Rs 131 crore per acre, while Brigade Enterprises Limited acquired another 4.04-acre plot (No. 20) for Rs 118 crore per acre. Cumulatively, HMDA’s earnings from all three phases of the Kokapet auctions now total Rs 3,708 crore.
Though the individual bids in this third phase were less spectacular compared to previous rounds, the overall impact across all phases has been significant. Sarfaraz Ahmad, the metropolitan commissioner of HMDA, stated, “The revised average pricing for the Neopolis auctions stands at Rs 137.36 crore per acre, reflecting an outstanding increase of approximately 87% over the previous auction cycle in 2023. This illustrates a rapid strengthening of market confidence in the area.”
With Neopolis consistently rising in value throughout all phases, attention is now directed toward the upcoming auction on December 5 at the Golden Mile, Kokapet. The base price for a 1.98-acre site (Site 2 of Golden Mile) has been set at Rs 70 crore per acre.
In the prior two phases of the Neopolis auctions, a 4.03-acre parcel sold for an impressive Rs 151.25 crore per acre, alongside another 5.03 acres that garnered Rs 147.75 crore per acre, collectively bringing in Rs 1,352 crore. The highest bid during the first Neopolis auction on November 24 reached Rs 137 crore.
Meanwhile, HMDA has canceled the Moosapet land auction, originally scheduled to coincide with the Golden Mile bidding, due to administrative reasons.
