Rs 100 Cr Per Acre: Telangana Land Prices Touch New Record

rs 100 cr per acre: telangana land prices touch new record as 3.0-acre plot near hyderabad sold for rs 362 cr

Hyderabad: A new record for land prices in Telangana has been set after a plot near Hyderabad was sold for Rs 100 crore per acre on Thursday. The highest bidder, Rajapushpa Properties Private Limited, shelled out Rs 362 crore for the 3.6-acre plot in Neopolis Phase -2 in Kokapet.

Notably, in July 2021, a plot in Phase-1 was sold for Rs 60 core per acre. According to a report published in The Times of India, the average bid during the previous round was Rs 40 crore, while this time, it was above Rs 70 crore.

The Hyderabad Metropolitan Development Authority conducted the auction on Thursday. The auction of the seven land parcels raised Rs 3,320 crore for Hyderabad Metropolitan Development Authority. The property is spread across 45.33 acres at Neopolis layout.

Notably, the government had hoped to collect Rs 2,000 crore from the auction. “A record of Rs 3319 crore realised in today’s auctions. The highest bid Rs 100 crore and the average bid was Rs 73 crore for 45 acres as against the upset price Rs 35 crore. This reaffirms state’s buoyancy and robustness,” tweeted Arvind Kumar, special chief secretary, MAUD after the auction.

The other firms that managed to secure land in the auction were – Navatris Investments, Rajpushpa Properties Pvt Ltd and De Blueoak and P Mangatram Properties Ltd. These two firms secured 6.55 acres and 3.66 acres respectively for 75 crore per acre, reported TOI.

Other groups which bagged plots at Napolis Phase II include MSN Pharmachem Pvt Ltd, Brigade Enterprises Ltd, Vangala Shyam Sunder Reddy and APR group. The successful bidders need to pay almost one-third (33 per cent) of the total amount within seven days, excluding 5 crore EMD. The remaining amount needs to be paid in 90 days. Real estate developers from other metro cities, including Mumbai and Bengaluru also took part in the auction.