Telangana’s Kokapet land auction a hit, HMDA nets Rs 2,000 | Live Newspaper Hyderabad

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HYDERABAD: In what could cement Hyderabad’s position as a major real estate hotspot in the country, the Hyderabad Metropolitan Development Authority (HMDA) generated Rs 2,000 crore on Thursday from auctions conducted for eight land parcels in Kokapet.
Buoyed by the record price fetched at the auctions, senior government officials said Thursday’s auction was an affirmation of Hyderabad emerging as the most favoured destination for investment as well as for real estate development. They said the auctions received an overwhelming response from bidders. The e-auction was held for Neopolis Layout at Kokapet.
While the upset price fixed by the government was Rs 25 crore per acre, one of the bidders secured an acre land parcel quoting Rs 60 crore. The lowest bid amount quoted was Rs 31 crore an acre. Overall, a total of Rs 2,000.37 crore was generated from the auctions. Officials said even as the upset bid amount was Rs 25 crore per acre, the bids ranged from Rs 31.2 crore per acre to Rs 60.2 crore per acre with an average bid amount of Rs 40.05 crore per acre.

Among the successful bidders for the eight land parcels, seven parcels were secured by real estate firms and developers such as Rajapushpa Properties Private Ltd, Rajapushpa Realty LLP, Aqua Space Developers Pvt Ltd, Prestige Estates Projects Ltd, Hyma Developers Private Ltd and Varsity Education Management Private Ltd. The other one was bid by Satyanarayana Reddy Manne, who participated in his individual capacity and secured a plot for Rs 335 crore. Reddy reportedly owns a pharma company.
Rajapushpa Realty emerged as a successful bidder for a small plot in an extent of 1.65 acres which was sold for Rs 60.2 crore per acre. The biggest plot of 8.9 acres was secured by Aqua Space Developers at Rs 39.2 crore per acre. The same group also secured another plot in an extent of 7.73 acres at Rs 36 crore per acre.
The auctions for 49 acres were conducted online on MSTC platform in two sessions. In each session, four plots were put up for auction. There was a minimum bid increment of Rs 20 lakh or its multiples per acre.
Municipal administration department principal secretary Arvind Kumar said the auction had reaffirmed Hyderabad as a number one hub for development in the country. “The tremendous response from the market is an indication of Hyderabad’s growing stature as a favoured destination for investment and for creating employment opportunities,” he said.
P Sreenivas Reddy, executive director of Rajapushpa Properties, said: “We already have a four-acre land parcel next to the 1.67 acres that we bought in Golden Mile project. We had to buy that piece of land so that we could get a wide road around it for our new project.” The firm bought another plot in Necropolis Layout. Prestige Group Hyderabad senior vice-president (business operations) R Suresh Kumar said: “We are confident of this location as the HMDA has promised to develop infrastructure. It also abuts the Gandipet lake which adds value to it. Our project here will be one of the best.” In 2006, the HMDA had raked in Rs 1,680 crore from land auctions at Kokapet Golden Mile project.
(With inputs from Sudipta Sengupta)

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