One square yard costs Rs 1.5 lakh in Madhapur, Hyderabad

Hyderabad: Madhapur has risen in real estate valuation to be the most expensive area in Hyderabad, with one square yard being auctioned for a whopping Rs 1.52 lakh, which is the highest in the city, and thus overtaken from Kokapet, which bagged the honours last year.

The Hyderabad Metropolitan Development Authority (HMDA), has put land for auction and earned Rs 182 crore by selling 435 plots of 110 square yard in Madhapur (at different locations). On Monday, the HMDA auctioned land at Bachupally, Dulapally, Mankhal for Rs 33,000 per square yard and earned Rs 19.20 crore. The sale of land towards Aminpur fetched Rs 19.47 crore. A total of Rs 220.67 crore revenue has been generated.

Speaking to Deccan Chronicle, HMDA Commissioner Chiranjeevulu said, “In Bachupally HMDA sold about 25 plots for a price tag of Rs 33,000 per square has generated Rs 19.20 crore. Another parcel of land was sold at Aminpur, divided into 22 plots for Rs 19.47 crore. On the second day of e-auctions, Rs 42 crore was generated. Another Rs 20 crore is expected to be generated from e-auction which will end Tuesday.”

The commissioner further added, “The average rate of land in Miyapur, Chandanagar is about Rs 60,000 per acre and  Bachupally is around Rs 33,000. The real market value is being discovered through sale of land. Hyderabad’s real estate section is booming, due to various proactive policies, law and order maintenance and single channel for building permission clearance. In the last 10 years there was no hike, but in the last two years it has been a rise. Even many real estate analyses have put Hyderabad in the top, the capital  is the fastest growing city

The HMDA has decided to auction 229 plots in various layouts in the city. They expect to raise between Rs 200 and Rs 250 crore through the auctions. The metropolitan authority will utilise these fund for infrastructure projects.