The state government gave a green signal to auction Kokapet lands at Neopolis area under survey number 239, 240. A government order in this regard was issued by chief secretary Somesh Kumar which granted permission to execute the sale deeds of government lands to Rangareddy district collector.
It maybe recollected the government sold Kokapet lands through e-auctioning in July this year which garnered huge response as eight plots over 48.27 acre were offered for a minimum upset price of Rs 25 crore per acre.=yI4ydsnBEY&p=https%3A//realtybeat.in&dtd=64
In its GO, the government made it clear that the rights on the land belong to government and that the Hyderabad Metropolitan Development Authority (HMDA) will conduct the auction as a government agent.
“The HMDA is the only agent of the government and all transactions conducted by the HMDA in the matter are on behalf of the government of Telangana only,” the GO number MS 125 reads.
The CS also directed Rangareddy district collector to carry out due diligence for the lands purchased by the bidders in the auction held in July. Previously, the auctioning of some lands was postponed following petitions in high court opposing the land auction.
During July’s auction, there was tremendous response for the Kokapet lands as the highest bid amount was recorded at Rs 60.2 crore per acre for plot number 2/P which measured 1.65 acre. Rajapushpa Realty LLP successfully won the bid for the plot for a total of Rs 99.33 crore.
The move to sell lands was done by the government in a bid to recuperate the losses caused by the Covid pandemic. Kokapet village of Gandipet mandal is situated close to the outer ring road and also nearer to IT and ITES offices.
The government is keen on earning a total Rs 5,000 crore by auctioning these lands. So far, the HMDA made Rs 2,000.37 crore by auctioning Kokapet lands alone.
