There has been a tremendous demand for land in the HMDA Kokapet-Neopolis Phase-2 auction. An acre fetched the highest price of Rs. 100 crores in the history of Hyderabad, creating a sensation in the market circles. The auction generated total revenue of Rs. 1586.55 crores for HMDA. The bidding for Neopolis layout land started at Rs 35 crores per acre, attracting participation from renowned real estate companies.
During the auction, famous real estate companies competed fiercely, resulting in the highest price for an acre of land reaching Rs 100.75 crores, and the lowest at Rs 67.25 crores. The auction of plots 6, 7, 8, and 9 in Neo Polis Phase-2 contributed a significant revenue of Rs 1,532.50 crores to HMDA. The auction for 26.86 acres was successfully completed on Thursday morning.
Following this, the auction continued in the evening for plots 10, 11, and 14, totalling 18.47 acres. The tenth plot, covering 3.6 acres, fetched the highest price of Rs 100.75 crores and was sold by the leading real estate company, Rajpushpa. The 11th plot was sold for Rs 67.25 crores. The competition between real estate giants, including Shapoorji Pallonji, NCC, My Home, and Rajpushpa, resulted in higher-than-expected revenue for the government.
The HMDA had previously prepared a 500 acre layout in the name of Neopolis in Kokapet, providing various facilities such as roads, drinking water, sewage systems, and a special route for heavy cables with an investment of Rs. 450 crores. The first round of auction had already witnessed some land sold at record prices, with the highest acre selling for Rs. 60 crores. Now, the e-auction for the remaining 45.33 acres took place on Thursday with the same enthusiasm and interest from potential buyers.