Land in Kokapet for Auction Again
The Hyderabad real estate market has been one of the hottest talks in town these days. As Hyderabad has become a key sector for information technology, pharmaceuticals, and biotechnology, job seekers across borders are migrating to Hyderabad for better job opportunities. This has, in turn, increased the demand for plots for sale in Hyderabad. In addition, the expansion of HITEC City, ORR connectivity, and metro rail convenience has increased the city’s demand for real estate by multiple folds.
Keeping in mind the booming real estate market, the Hyderabad Metropolitan Development Authority (HMDA) has again decided to auction government lands in Kokapet. HMDA has decided to consider 64 acres of land in the Neopolis Layout of Kokapet for auction.
The first phase of the auction for the plot for sale in Kokapet took place in July 2021. Eight land plots measuring 49 acres were auctioned off. The offset price was then decided as Rs 25 crore. The lowest bid amount quoted was Rs 31 crore an acre. The largest plot for sale in Kokapet was 8.946 acres and was purchased by Aqua Space Developers for Rs 350.68 crore. They also purchased another plot of 7.738 acres for Rs 281.66 crore at Rs 36.4 crore per acre.
Manne Satyanarayana Reddy of MSN Laboratories Private Ltd was the successful bidder with Rs 325.83 crore for a 7.721-acre plot, at Rs 42.2 crore per acre. Rajapushpa Properties Pvt Ltd bid on a 7.755-acre plot for Rs 328.81 crore at Rs 42.2 crore per acre. Varshini Education Management Private Ltd was the successful bidder for a 7.575-acre land at Rs 296 crore (Rs 39.2 crore per acre). Prestige Estates Projects bought a 7.564-acre plot for Rs 285.92 crore (Rs 37.8 crore per acre).
The plots were developed by the state government as a Greenfield township district at a cost of Rs 265 crore. The layouts were aided by infrastructure facilities like roads, underground drainage, water supply distribution network, electrification and street lights.
With the maximum quotation of Rs. 60 crores, the government was able to churn out Rs. 2000 crore byway by land auctioning in 2021. This e-auction was a role model for the whole country, and the land can be used for setting up office spaces, commercial complexes, recreational purposes and residential use (with no zonal restrictions)
This time HMDA is planning for a second phase of the auction to bid for plots for sale in Kokapet. A 64-acre land is going to be auctioned between plot ranges of 6 and 10, with the area of each land parcel varying from five acres to eight acres.
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