Aug 05, 2023
RESIDENTIAL
In a groundbreaking e-auction held on Thursday, an acre of prime land at the prestigious Neopolis layout in Kokapet was sold for an astounding Rs 100.75 crore! This monumental sale has set a new benchmark, showcasing the immense value and potential that this exceptional location holds.
The auction featured a total of 45.33 acres within the Neopolis layout, thoughtfully divided into different plot sizes. The results surpassed all expectations, with the government raking in an impressive Rs 3,319.6 crore, a remarkable achievement well beyond the initial upset price of Rs 1,586.50 crore. This resounding success is a testament to the high demand and strong confidence in the future of this vibrant area.
Even the least valued plot could fetch the government Rs 506.39 crore: APR Group bid for Plot 11, measuring 7.53 acres, Rs 67.25 crore per acre.
In the first round of auctions for 49.949 acres at Neopolis on July 16, 2021, the government had earned Rs 2,000.37 crore. Thursday’s auction constituted the second round.
The layout has been developed by HMDA with modern infrastructure, 36- and 45-metre wide roads. The plots are meant for high rise buildings with unlimited floor space index. HMDA said the auction was widely publicized to attract the interest of real estate developers.
The government hit pot gold in its auction of land at Neopolis.
Area: 45.33 acres
Highest bid: Rs 100.75 per acre
Lowest bid: Rs 67.25 cr per acre
Total: Rs 3.319.6 crore
The record-breaking sale at Neopolis Layout, Kokapet, is more than just a transaction; it is a testament to the power of vision, innovation, and collaboration.
As the sun sets on this monumental achievement, it rises on a future brimming with potential, promise, and endless horizons.
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ADDRESS
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