Hyderabad has proved that it is indeed one of the much sought-after cities in the country, thanks to the infrastructure development and Quality of Living Index. Despite the second wave of COVID, the city has shown that its realty did not dampen the spirits of buyers, investors, and developers. This was further reiterated during the state government-sponsored mega e-auction of land plots.
Towards the end of the day, a total bid was made for eight parcels of land in Kokapet, measuring up to 49,949 acres which stood at a staggering price of Rs 2000.37 crore. This also included the highest ever bid amount of Rs 60.20 crore per acre for plot no 2/P (west part), measuring 1.65 acres. The plot is located in the Golden Mile Layout at Kokapet.
Rajapushpa Realty LLP bid for a total of Rs 99.33 crore. The average price for other plots was Rs 40.05 crore per acre. The Hyderabad Metropolitan Development Authority (HMDA) released a press note saying that the response was ‘tremendous’ from the market. It further stated that this reiterated that the city was a favorite destination for investment, be it in growth or employment opportunities or the real estate sector. Principal secretary (MAUD) Arvind Kumar said that the auction proved that Hyderabad and Telangana were clearly the number one choice in India.
The e-auction had 60 bidders participating, with seven of the eight plots being part of the Kokapet Neopolis layout measuring 48.27 acres. The e-auction was done by MSTC Limited.