Hyderabad: The state government hopes to garner ₹2,200 crore by selling off major lands at ‘Neopolis Layout’ and Uppal Bhagath Phase 3 layout, which might further bolster Hyderbad's position as the top real estate hub in the country.
Large parcels of land, including 40 acres at Uppal Bhagath Phase-3, 30 acres at Neopolis, 50 acres at Medipally, and 50 acres at Bachupally, would be auctioned off soon. The nodal agency for the e-auction would be the Hyderabad Metropolitan Development Authority (HMDA).
During the previous auction, Kokapet lands proved to be a gold mine for the cash-strapped government, with the highest bid in the online auction fetching Rs 60 crore per acre on Thursday, when the HMDA held e-auctions for eight plots. The total revenue generated by the auction was ₹2,000 crore. Rajapushpa Realty successfully bid for the single piece of land measuring 1.65 acres for sale in Golden Mile Layout, fetching a total of ₹99.33 crore in the auction. The winning bids ranged from over ₹31 crore to ₹60 crore per acre, with a weighted average bid amount of ₹40 crore.
A senior municipal administration and urban development (MA&UD) official under the condition of anonymity stated that the Neopolis Layout, which consists of five plots spread across 30 acres, will present tremendous opportunities for developers, corporates, and investors. According to him, the basic price for each of the five plots going up for auction is Rs 30 crore. The plots range in size from four acres to six acres, and each plot is bounded by a road that is 36 or 45 metres wide. The official stated that HMDA would shortly issue a notification in this regard.
In contrast to Neopolis Layout, the plot sizes of Uppal Bhagath Layout will range from 200 square yards to 800 square yards, according to MA&UD officials. According to the official, large plots won't be designated based on prior experiences because bidder interest in them was low during the last two auctions.
Based on previous experiences, large plots would not be earmarked because they had a lukewarm response from bidders in the last two auctions.
Separate notifications will be issued for the auction of 50 acres of land in Bachupally and 50 acres of property in Medipally.
