<p>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 <a href="https://www.ndtv.com/hyderabad-news/rs-100-crore-per-acre-is-new-record-for-telangana-land-prices-4270185#pfrom=home-ndtv_topstories">report </a>by <em>NDTV</em> stated. </p>.<p>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.</p>.<p>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.</p>.<p>"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. </p>.<p>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. </p>.<p>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."</p>
<p>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 <a href="https://www.ndtv.com/hyderabad-news/rs-100-crore-per-acre-is-new-record-for-telangana-land-prices-4270185#pfrom=home-ndtv_topstories">report </a>by <em>NDTV</em> stated. </p>.<p>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.</p>.<p>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.</p>.<p>"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. </p>.<p>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. </p>.<p>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."</p>
