The Neopolis auction achieved a new milestone on Friday, with a 4.03-acre land parcel selling for an astonishing Rs 151.25 crore per acre, contributing approximately Rs 609 crore to the state’s revenue.
Additionally, the second 5.03-acre plot also yielded the Hyderabad Metropolitan Development Authority (HMDA) a substantial Rs 147.75 crore per acre, collectively generating Rs 1,352 crore. In the earlier round of Neopolis auctions conducted earlier this week, the highest bid was recorded at Rs 137 crore.
On Friday, plot number 15, which spans 4.03 acres, was jointly acquired by Lakshmi Narayana Gummadi, Karteesh Reddy Madgula, Sharat Ventrapragada, and Shyam Sunder Reddy Vangala. Meanwhile, plot number 16 was purchased by Godrej Properties Limited. The total revenue collected by HMDA from the Neopolis auctions this week has now reached Rs 2,708 crore.
Sarfaraz Ahmad, the metropolitan commissioner of HMDA, remarked, “This is an exceptional result that exceeds the impressive outcomes from the first round on November 24,” adding, “With valuations increasing significantly and competition becoming fiercer, Neopolis has firmly positioned itself as one of the highest-value urban land destinations in India.”
Officials noted that these record-breaking results have adjusted the average value to Rs 142.83 crore per acre, indicating one of the most significant upward trends in Hyderabad’s land market. They emphasized that the outcomes have solidified Neopolis as a preferred choice for prominent national and regional developers.
Anticipations are now heightened for the forthcoming e-auctions scheduled at Neopolis on December 3 and Golden Mile on December 5, which are expected to draw equally robust interest from the developer community. The HMDA has announced plans to auction approximately 44 acres of land in Kokapet and Moosapet.
Given that the previous auction achieved Rs 100 crore per acre for the land parcel, the authority has set an upset price of Rs 99 crore per acre for the Neopolis layout, Rs 70 crore per acre for the Golden Mile layout in Kokapet, and Rs 75 crore per acre in Moosapet.
