In the history of the Hyderabad Metro Development Authority (HMDA), Kokapet and Mokila areas set a benchmark in land prices in and around Hyderabad by selling an acre of land as well as one square yard of land in the recently held e-auction.
One acre of land developed in Neopolis layouts of survey numbers 239 and 240 in Kokapet by HMDA was sold at Rs 100.75 crore. Plot number 10, which has 3.6-acre land adjacent to the main road in the layout, was sold at Rs 362.70 crore where each acre valued at Rs 100.75 crore.
In comparison to the last time’s auction, this time each acre was sold out with an increase in the rate of Rs 40 crore. The HMDA has recently conducted an e-auction to an area of 45.33 acres in seven plots for the second phase in the Neopolis layout in Kokapet.
Apart from real estate giants such as Shapoorji Pallonji, APR, Myhome, and Rash Pushpa small companies also took part in the e-auction. The auction for 6, 7, 8 and 9 plots were conducted in the morning and the auction for 10, 11 and 14 plots were conducted in the afternoon. The morning session saw the highest bid at Rs 75.50 crore per acre whereas the afternoon witnessed Rs 100 crore per acre bid.
APR group, Rajpushpa and Happy Heights companies compete with each other to grab plot number 10. At last, the plot was allotted to the combination of Rajpushpa and Happy Heights after they quote the highest price. The minimum price for each acre (for plot number 8) has been bid at Rs.68 crore and it is Rs.67.25 crore (for plot number 11) in the afternoon session.
Altogether the HMDA has received an income of Rs 3,319.60 crore for 45.33 acres. It seems to be all-time record where on average an acre of land sold at Rs 73.23 crore.
The price of one square yard of land crossed Rs 1 lakh at Mokila village of Sankarpally mandal in Rangareddy district, which is located in the distance of 15 kilometres from Kokapet and 20 kilometres from the financial district, in the recently held auction for 50 plots in the latest developed layout by the HMDA.
In Mokila, there are mostly gated community colonies located at a distance of 10 km from the IT corridor, leading IT employees to purchase a huge number of plots.
After receiving a tremendous response from the bidders, the HMDA has been making arrangements to hold an auction of another 200 plots before August 15.
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