HMDA's third phase e-auction in Kokapet witnesses record land prices with plot sales fetching up to Rs 137.25 crore per acre, signaling strong developer demand.

Hyderabad: The Hyderabad Metropolitan Development Authority (HMDA) conducted its third phase of e-auctions for prime land plots in the Neopolis layout of Kokapet on Monday, November 24, where two key parcels sold at record prices.

Plot 18, a 5.31-acre lake-facing site, fetched Rs 137.25 crore per acre, while Plot 17, covering 4.59 acres, went for Rs 136.5 crore per acre, substantially above the upset price of Rs 99 crore per acre set by HMDA.

These sales generated a total revenue of around Rs 1,356 crore for the Telangana government.

Aggressive bidding

This auction saw aggressive bidding from about 10 prominent national and local developers, extending the originally scheduled 3-hour auction well beyond 4 pm.

The recent boost in land prices signals an 87 percent increase compared to previous Neopolis auctions, where prices averaged Rs 73 crore per acre in 2023. Such vigorous demand and rising valuations underline Hyderabad’s transition into one of India’s most dynamic real estate markets.

MSN Urban Ventures LLP acquired Plot 18, while Vajra Housing Projects LLP secured Plot 17. These plots fall within a multi-use zone favoured by developers due to the absence of floor restrictions and proximity to Hyderabad’s IT and financial districts.

The continued infrastructure development around Neopolis makes it a highly sought-after area, contributing to the steep price rise.

Upcoming e-auctions

HMDA has announced upcoming e-auctions on November 28 and December 3 for more Neopolis plots, along with a December 5 auction in the adjacent Golden Mile layout, with upset prices set at Rs 99 crore and Rs 70 crore per acre, respectively.

The ongoing phases of land sales in Kokapet are expected to draw robust developer interest due to the area’s premium location and investment potential.