The hyderabad Metropolitan Development Authority (HMDA) on thursday generated a record Rs 3,319.6 crore from the e-auction of seven premium open plots in Neopolis Layout at Kokapet, which span 45.33 acres. The highest bid was for an all-time high of Rs 100.75 crore for one acre of land in Telangana. Compared to the surprise price of Rs 35 crore per acre, the average bid for the entire group of seven plots was Rs 73.23 crore per acre.
"Auctions were held for seven plots in Kokapet, ranging in size from 3.60 acres to 9.71 acres, totaling 45.33 acres. The above-mentioned plots had an upset price worth of Rs 1,586.50 crore. The total amount to be made from the sale of the aforementioned plots is Rs 3,319.60 crore, and the highest price ever paid in the State was Rs 100.75 per acre. According to a statement from the HMDA, the upset price fixed was Rs 35 crore per acre while the average bid price per acre is Rs 73.23.
Happi Heights Neopolis, Rajapushpa Properties Pvt Ltd, which offered a total of Rs 362.7 crore for 3.6 acres, made the highest offer of Rs 100.75 crore per acre. Navatris Investments, Rajapushpa Properties Pvt Ltd, which gave a record-breaking Rs 494.53 crore for 6.55 acres, made the second-highest bid at Rs 75.50 crore per acre.
Brigade Enterprises Limited paid Rs 660.28 crore, or the highest amount of money ever invested in the e-auction, for a parcel of land of 9.71 acres, with a bid price of Rs 68 crore per acre. The APR Group paid a bid price of 67.25 crore rupees per acre and spent Rs. 506.39 crore for 7.53 acres. According to Special Chief Secretary for Municipal Administration and Urban Development (MA&UD), Arvind Kumar, "The record response reaffirms state's buoyancy and robustness" in reaction to the overwhelming investor response.
