He said the skyrocketing prices of lands were indicative of the effort of the state government to develop villages and towns.
Published Aug 04, 2023 | 3:59 PM ⚊ Updated Aug 04, 2023 | 3:59 PM
Kokapet Neopolis. (Creative Commons)
Telangana Chief Minister K Chandrashekar Rao on Friday, 4 August, described the bids going up to ₹100 crore per acre for Kokapet lands in Hyderabad’s outskirts, which went under the hammer on Thursday, as a reflection of the progress made by the state and its capital.
In a reaction to the auction of lands in Kokapet layout by the Hyderabad Metropolitan Development Authority (HMDA), 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.
The price of more than ₹100 crore per acre is among the highest in the entire country.
The HMDA put up for auction 3.6 acres of the prime plot for auction in Neoplis Phase -II layout on Thursday.
This plot was clinched by Happi Heights Neopolis and Rajapushpa Properties Pvt Ltd companies for over ₹362 crore.
The plot commanded the premium price as it has a view of Gandipet Lake, wide roads on either side of the plot, and for its proximity to the Nehru Ring Road. The land would be used for the construction of highrise buildings.
All in all, the HMDA put up for e-auction seven prime plots in Neopolis layout which netted ₹3,319 crore, of which a 3.6-acre prime plot was cornered by the two Hyderabad companies for ₹362.72 crore.
The HMDA fixed ₹35 crore per acre as the base price, and the average bid price came to ₹73.23 crore. The lowest bid was ₹67.25 crore per acre.
