Curation Team
HYDERABAD: Exactly two years ago, the Hyderabad Metropolitan Development Authority (HMDA) sold a one-acre land parcel in Neopolis Phase II in Kokapet for a jaw-dropping of Rs 100.75 crore, sending ripples through the real estate market of Hyderabad.
Now, the Telangana govt is yet again hoping to fetch more than Rs 100 crore per acre during the auction of two two land parcels — collectively measuring 18.67 acres — Raidurg Knowledge City. The Telangana State Industrial Infrastructure Corporation (TGIIC) has fixed Rs 101 crore per acre as the upset price for the land parcels sitting in the heart of Hyderabad’s business and IT hub. The location is home to over 100 companies that have set up their offices in about 470 acres of Knowledge City.
The upset price is the base price set for land auctions. The state govt is expecting the final price to climb up to Rs 130 crore to Rs 150 crore per acre.
The e-auction for the two land parcels — measuring 11 acres and 7.67 acres — will be conducted on Oct 6. Based on the upset price alone the govt is hopeful of raising a minimum of Rs 2,000 crore through the auction.
Official sources said the Raidurg land auction bid will also indicate the state of the real estate market, especially in Hyderabad’s western corridor. Over the last two years, developers and realtors say, the sector has been witnessing a slump. The state govt has chosen this time for the auctions as Oct to Dec is considered a good time for real estate investments.
“The land parcels are in close proximity to companies like Apple, JP Morgan, and other companies, and also have good metro connectivity to the Outer Ring Road and airport. The land is earmarked for multi-use purposes, which means it can be used for commercial, residential, recreational, hospitality, and entertainment purposes without any change of land use,” an official said.
The TGIIC stated that the successful bidders have to accept the letter of award within one week and pay the entire amount within 90 days.
