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.