The IT hub of Hyderabad continues to attract the attention of real-estate developers.
The HMDA (Hyderabad Metropolitan Development Authority) has netted about ₹3,300 crore by auctioning 45 acres of land at Kokapet, whose neighbourhood boasts of some of the top global multinational companies.
In one of the plots, the HMDA saw bidders quoting for the highest amount of ₹100 crore an acre. The average bid price was Rs 73 crore.
The list of bidders includes MSN Pharmachem Private Limited, Navatris Investments, Rajapushpa Properties, Brigade Enterprises, De Blueoak, and P Mangatram, Properties LLP, and Happi Heights Neopolis.
The civic authority conducted an e-auction of open plots at Neopolis in Kokapet, with an aggregate upset price (the lowest price at a property is sold) for seven plots (ranging from 3.60 to 9.71 acres) at ₹1,586.50 crore.
Chief Minister K Chandrashekar Rao has said that the per-acre prices quoted during the e-auctions reflected the image and the growth of Hyderabad.
“Purchase of lands at such huge prices should be seen not only from an economic point of view but also from the perspective of Telangana’s growth,” he said.
Stating that naysayers had tried to malign the image of the city by saying that the city would lose its sheen and land prices would fall if Andhra Pradesh was bifurcated, he said the efforts of the State government had succeeded in promoting Hyderabad as a cosmopolitan city.