The Neopolis layout at Kokapet has epitomised the staggering proportions of realty market in the city on Thursday, when HMDA collected a windfall of a whopping ₹3,320 crore from the auction of land parcels in the layout.
The highest price bid was ₹100.75 crore per acre for a 3.6 acre land by Rajapushpa Properties Private Limited. It is said to be a record in the history of HMDA, and of Hyderabad.
Average price yielded in the auction was ₹73.23 crore per acre, while the lowest was ₹67.25 crore.
A total seven land parcels covering an extent of 45.33 acres went under the hammer in the online auction conducted through MSTC Limited. Individual extents of plots varied between 3.6 acres and 9.71 acres. HMDA declared an upset price of ₹35 crore per acre, which in itself is a record of sorts.
The yield was double the expected revenue of ₹1587 crore for HMDA.
Kokapet in the Gandipet mandal shot into fame when HMDA declared the Neopolis layout in 500 acres a couple of years ago, later providing infrastructure that comprised 100-120 feet roads, sewerage, drinking water and underground ducts.
Demand for the lands here has spiralled unimaginably since then, culminating in the astronomical prices of the current auction.
