A 3.6-acre site in Phase 2 of Neopolis, Kokapet, sold for an astounding Rs 100.75 crore per acre in Hyderabad. Happi Heights Neopolis, Rajpushpa Properties Pvt Ltd., the top bidder, shocked everyone with Rs 362 crore.  

Compared to earlier cycles, auction results make land values startlingly pricey. The average bid for Neopolis Phase 1 was Rs 40 crore in 2021, whereas the highest bid was Rs 60 crore in July. Recent Hyderabad Metropolitan Development Authority (HMDA) land auctions saw exceptional winning bids of Rs 70 crore, with an average bid of Rs 73 crore. 

The HMDA auctioned seven 45-acre Neopolis Phase 2 plots on Thursday. Navatris Investments, Rajpushpa Properties Pvt Ltd, De Blueoak and P Mangatram Properties Ltd bought 3.66 and 6.55 acres for 75 crores each. 

The winning bidders have seven days to pay 33% of the bid value (less the 5 crore EMD) and 90 days to pay the rest. Officials say the bidding took two days. Hyderabad, Mumbai, Bengaluru, and Chennai investors and developers were drawn to it. 

The auction has received much attention because of the ultra-modern infrastructure (including 36 and 45-meter-wide roads). These lots are zoned for use by skyscrapers with an unlimited Floor Space Index.