A plot in Hyderabad has been sold for ₹100 crore per acre at an online auction, setting a new record for land prices in the state of Telangana. The highest bid for the 3.6-acre plot in the Kokapet area was Rs 362 crore. It was made by the Rajapushpa Properties Private Limited for Happi Heights Neopolis, a report by NDTV stated.
The plots, comprising of 45.33 acres — auctioned at the Neopolis layout — raised ₹ 3,320 crore for Hyderabad Metropolitan Development Authority, the report said. The average bid was Rs 73.23 crore per acre and the lowest Rs 67.25 crore.
Telangana's special Chief Secretary for Urban Infrastructure and Development Arvind Kumar commended the improving infrastructure and the greenfield projects of the state for the rising prices of the plots.
"36 and 45-metre roads are actually unheard of. Then there is a dedicated 240 KV substation and seamless connectivity to Outer Ring Road trumpet junction, a clear title and strategic location, since it is adjacent to ORR, just 30 minutes from Hyderabad's Rajiv Gandhi International Airport," he was quoted as saying by the publication.
Rise in land prices is likely to threaten the affordability of real estate in the state amid competition with other nearby cities including Bengaluru, the report said.
Kumar, however said, "It is a price discovery by the market. With the residential sector already bullish, the rates fit into the prevailing rates, with average at Rs73 crore per acre."