Hyderabad: Believe it or not, an acre of land at Kokapet Neopolis Layout was sold at a whopping Rs 60.2 crore in e-auction.

Telangana government earned Rs 2,000.37 crore by selling 49.949 acres of land at Neopolis Layout in Kokapet. The e-auction was held on Thursday,

Hyderabad Metropolitan Development Authority (HMDA), on behalf of the Telangana government auctioned 49.949 acres of land at Neopolis layout (7 plots) and Golden Mile (one plot) in Kokapet abutting the Financial District.

The auction was conducted online on the MSTC platform. The minimum bid amount was set at Rs 25 crore per acre with a minimum bid increment of Rs 20 lakh or its multiples per acre.

In the morning session, four plots measuring 30.778 acres were put up for bidding and in the afternoon session, four more plots measuring 19.171 acres were put on auction.

A single plot in the Golden Mile layout was sold at Rs 60.2 crore as against the upset price of Rs 25 crore. Its proud owner is now Rajapushpa Realty LLP. Another plot measuring 1.65 acre fetched Rs 99. Rajapushpa Properties also bagged 7.755 acre of another land parcel for Rs 328.21 crore. Each acre was sold at Rs 42.40 crore.

A total of 60 people, who paid an earnest money deposit (EMD) of Rs 5 crore, participated in the bidding. The average bid that was realized during the e-bidding was Rs 40.05 crore per acre. The minimum bid was Rs 31.2 crore per acre.

MSN Laboratories, bagged 7.721 acres at Rs 42.2 crore per acre for Rs 325.83 crore. Aqua Space Developers of the MyHome Group purchased 7.738 acres for Rs 281.66 crore at the rate of Rs 36.40 crore per acre. It has bagged another land parcel of 8.946 acres for Rs 350.68 crore at Rs 39.20 crore per acre.

Varsity Education Management, which is owned by leading educational group Sri Chaitanya, bagged 7.575 acres for Rs 296.94 crore at the rate of Rs 39.20 crore per acre. Prestige Estates Projects bought 7.564 acres for Rs 285.92 crore, paying Rs 37.80 crore per acre. Hyma Developers purchased one acre for Rs 31.20 crore.

"The investors have reposed faith yet again in governance led by Chief Minister K Chandrasekhar Rao. Hyderabad and Telangana are clearly number one choice and destination for investors [sic]," MA&UD Principal Secretary Arvind Kumar tweeted.

"Such a tremendous response from the market is an affirmation for Hyderabad as the most favorite destination for investment whether in its growth, creating more employment opportunities or in the real estate sector. The auction today has confirmed that Hyderabad continues to be perceived as the number one city in the country," said HMDA in its statement.

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