In a recent auction at Neopolis in Kokapet, all records were broken when bids shot over ₹100 core for one acre of land.
Budwel land, according to an HDMA brochure. (Supplied)
Lands in Hyderabad are raining mega bucks on the Hyderabad Metropolitan Development Authority (HMDA). In fact, it has become an important source of raising revenue for the state government for the implementation of welfare schemes for various strata of society.
The state government on Thursday, 10 August, raked in ₹3,625.73 crore when it e-auctioned 14 plots in about 100 acres in Budwel.
Three plots went under the hammer for more than ₹40 crore. The highest bid was ₹41.75 crore per acre of land and the lowest bid was ₹33.25 crore.
The Budwel Layout is also categorised as one having high-value plots. The layout is located in the Rajendranagar Mandal of the Rangareddy district.
The Budwel layout has infrastructure on a par with Neopolis in the Kokapet Layout.
The infrastructure is said to include roads with a width of 46 metres. The plots are reportedly convenient for high-rise buildings.
As it is close to the Outer Ring Road (ORR), connectivity with other parts of the city is not only easy but also faster, according to government documents.
The HMDA walked away with ₹3,319 crore when it auctioned lands at Neopolis in Kokapet a few days ago.
Breaking all records, bids went up to ₹100 core for one acre of land. The HMDA auctioned 45.33 acres of land. The lowest bid received was ₹67.25 crore.
As there is a boom in the real-estate sector, developers competed with one another to corner the lands, expecting to make good money.
The Kokapet land auction thrilled even Chief Minister K Chandrashekar Rao, who said that it was a reflection of the progress that Hyderabad had achieved.
The chief minister said that the price that the land fetched for the government should also be seen from the perspective of the state’s overall progress.
“Leading global companies competed with one another to corner the lands which only proved that the state’s progress was trending upwards,” he said.
He said that the price that the lands had fetched should serve as a resounding slap on the faces of those who had hurt the self-respect of Hyderabad.
He said the skyrocketing prices of land in Hyderabad was indicative of the effort of the state government which was working with a steely resolve to develop villages and towns.
In the auction, the bids went up to ₹100.75 crore per acre in Neoplis Phase -II layouts in Kokdapet village in Gandipet mandal in the Ranga Reddy district. The way the price of Kokapet land went up came as stunning news to those in the construction sector.
May 19, 2024
May 19, 2024
May 19, 2024
May 19, 2024
May 19, 2024
May 19, 2024
