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Hyderabad Metropolitan Development Authority’s (HMDA) Neopolis land auction fetched record prices in the third phase on Wednesday, December 3.
Plot no 19 fetched Rs 131 crore per acre and went to Yula Constructions and Globus Infracon while plot no 20 went to Brigade Enterprises at Rs 118 crore per acre. The HMDA earned over Rs 996 crore for eight acres from the two plots, reflecting robust demand for commercial real estate in west Hyderabad.
The auction that was held in three phases raised Rs 3,708 crore from six plots spanning 27 acres.
Golden Mile auction on Dec 5:
Meanwhile, the HMDA will offer two acres of high-profile land in Golden Mile (site-2) in Kokapet and 15 acres of land in Moosapet in the online auction set to happen on Friday, December 5. The auction will likely gain traction from developers to bid and own land parcels.
Since Kokapet is in close proximity to the financial district, IT corridor and other infrastructure projects, it continues to consolidate its reputation as a key real estate zone, driving revenues for the HMDA.
The average land price in the area has now surged to Rs 137 crore per acre, recording a jump of 87 percent compared to the 2023 auction cycle.
On November 24, a total of 9.9 acres in survey no 17, 18 fetched a whopping Rs 1,355 crore, highlighting the interest of real estate developers for land near financial district, Outer Ring Road.
The plots in Survey No 17, 18 were sold at a base price that was fixed at Rs 99 crore per acre. The final bid for Survey No. 17 blew past all expectations, making the auction one of the most expensive per acre land transactions in the state.
