Telangana govt earns Rs 2000 cr in Kokapet land auction

Hyderabad: A day after the state high court’s refusal to stay the matter, the Telangana government on Thursday earned Rs 2000.37 crore through e-auction of prime lands in Kokapet area of the city.

A mega e-auctioning of eight prime plots of 49.949 acres in Kokapet began amid tight security at HMDA head office in Ameerpet at 9 am on Thursday. The auction continued till 5 pm. HMDA held the e-auction on behalf of the Telangana government.

Minimum upset price for all the plots was fixed at Rs 25 crore per acre and the minimum bid increment was Rs 20 lakh per acre or multiples thereof. More so, plot size ranged from 1 acre to 8.94 acres.

Of the eight plots, the layout named as ‘Neopolis Layout’ with seven plots (48.27 acres) will be one of the most modern developments which will present immense possibilities for developers, corporates and investors. 

Another plot in the Golden Mile layout (1.65 acres) of Kokapet has also been put up for e-auction.

E-auction

Even as the minimum bid was Rs 25 crore, the bids ranged from Rs 31.2 crore to Rs 60.2 crore, with a weighted average bid amount of Rs 40.05 crore per acre. The final bid of Rs 60.2 crore for plot no. 2/P (West Part) measuring 1.65 acres was the highest bid in this auction.

“Such a tremendous response from the market is an affirmation for Hyderabad as the most favourite destination for investment whether its in its growth, creating more employment opportunities or in the real estate sector. The auction today has confirmed that Hyderabad continues to be perceived as number one city in the country,” Arvind Kumar, HMDA metropolitan commissioner said in a statement.

Similarly, Telangana State Industrial Infrastructure Corporation (TSIIC) will conduct e-auction of five plots spread over 15.01 acres at Khanamet on Friday.

Earlier on Wednesday at the high court, Telangana advocate general B S Prasad justified the plots going under the hammer.

Stating that this is not a new policy, he said that these GOs were challenged in the past and a division bench of the high court had upheld them. “The state is empowered under Article 298 of the Constitution to sell its assets and thus can monetise the assets for public purpose,” he added.