HMDA Strikes gold at Kokapet land auction with Rs 2,000 cr

Fri Jul 16 2021 12:18:02 GMT+0530 (IST)

After facing a lot of obstacles, the e-auction of prime lands in Kokapet area of Hyderabad was conducted by the Hyderabad Metropolitan Development Authority (HMDA) and the revenue generated from the auction had surprised everyone.

The HMDA had striked gold at the auction by earning a whopping Rs 2,000 crores by auctioning 49.949 acres of land. All the previous records made at the auction were smashed and an acre was sold for Rs 60.2 crore as the highest price.The revenue got in the auction was highest so far.

Before the auction, the government had quoted a high price for the lands as Rs 25 crore as a minimum price.Initially, there were doubts whether anyone will come forward to take a part in the bidding.

Proving all the concerns and fears wrong, the auction made a never before seen record. On an average, an acre of land was auctioned at Rs 40.05 crore. The highest amount quoted was Rs 60.2 crore for 1.65 acres of land.

In total, eight plots were auctioned by the HMDA the other day.Out of them, seven plots belong to the Neopolis Layout spread in around 48.27 acres, while the other plot belongs to the Golden Mile layout.

The auction of the lands took place in HMDA's head office in Ameerpet. The process continued from 9 AM to 5 PM.

As one more thing to watch out, another auction will be held on Friday. As per the reports, the Telangana State Industrial Infrastructure Corporation (TSIIC) will be e-auctioning 15.01 acres at Khanampet.

Now the eyes are on the Khanampet auction on how much revenue the auction will generate.

It has been widely reported that given the revenue generated with the Kokapet land auction, HMDA is gearing up to auction the other lands too and the details about the auction will be issued soon.

The Kokapet land auction got stuck in court issues with a plea seeking directives to stop the auction was filed in the High Court.However, ths High Court refused to issue a stay order and said the auction can be held.