In an unprecedented bid that has tumbled all past records of land prices in Hyderabad, a 3.6 acre plot (no. 10) in Phase 2 of the Neopolis in Kokapet has received a mind blowing bid of Rs 100.75 crore per acre.
The highest bidder, Happi Heights Neopolis, Rajpushpa Properties Pvt Ltd, will shell out a jaw dropping Rs 362 crore for the property.
In July 2021, Phase 1 of the Neopolis auction saw the highest bid touch Rs 60 crore.
And while the average bid during the previous round stayed within the Rs 40-crore mark, this time around most of the winning bids hovered around Rs 70 crore and above. Result: the average bid in Thursday’s land auctions conducted by the Hyderabad Metropolitan Development Authority (HMDA), touched an astronomical Rs 73 crore.
Not surprising then, the state government surpassed its own expectations and netted Rs 3,319 crore, while it had hoped to rake in about Rs 2,000 crore – much like the last time.
Taking to Twitter soon after the auctions, Arvind Kumar, special chief secretary, MAUD posted: “A record of Rs 3319 croe realised in today’s auctions. Highest bid Rs 100 crore and the average bid was Rs 73 crore for 45 acres as against the upset price Rs 35 crore. This reaffirms state’s buoyancy and robustness”.
The HMDA conducted land auctions for seven land parcels of 45 acres on Thursday at Neopolis Phase 2. The other firms that emerged successful were Navatris Investments, Rajpushpa Properties Pvt Ltd and De Blueoak and P Mangatram Properties Ltd – the two secured 6.55 acres and 3.66 acres respectively for 75 crore per acre.
MSN Pharmachem Pvt Ltd, Brigade Enterprises Ltd, APR group and Lakshmi Narayana Gummadi, Vangala Shyam Sunder Reddy, Venkateshwara Rao Ventrapragada and Madugula Karteesh Reddy (formed a group) also bagged plots.
The successful bidders will have to pay 33% of the bid amount within seven days, excluding 5 crore EMD and balance amount that has to be paid within 90 days. According to officials, investors and real estate developers from other metro cities such as Mumbai, Bengaluru, Chennai – apart from Hyderabad – also participated in bids, which were held over two sessions.
“The good response to the auction is because the entire layout has been developed with most modern infrastructure, 36 and 45 metre wide roads. The land parcels are meant for high rise buildings with unlimited Floor Space Index,” Arvind Kumar said.
Earlier in the same Neopolis layout at Kokapet Phase 1, 49 acres of land was were sold by the government. The upset price then was 25 crore.