For all those who have been propagating the belief that Hyderabad real estate is in a slump, here is an eye opener. In the latest e-auctions conducted by the Hyderabad Metropolitan Development Authority (HMDA), an acre has been bid for a whopping Rs 137.25 Cr per acre.
The HMDA is conducting online auctions for the famed Neopolis. While the notification for e-auction was issued on Nov 3, after pre-bidding meetings, two land parcels attracted record price, rewriting the Hyderabad realty’s figures.
According to the information provided by HMDA officials, two hotspot land parcels in Neopolis venture, Plot no 17 measuring 4.59 acres and Plot no 18 measuring 5.31 acres closed at record prices of ₹136.50 Cr per acre and ₹137.25 Cr per acre, respectively.
While Plot 18 was owned by MSN Urban Ventures, Vajra Housing Projects owned Plot 17. Just these two plots earned Rs Rs 1,356 Cr for the Revanth Reddy Sarkar which is facing a severe cash crunch.
Besides bringing in much needed revenue, the latest Neopolis auction is also saving the image of Congress Government. By bringing in all time high land prices, these auctions are also dispelling the Opposition leaders allegations that real estate in Hyderabad is suffering after Revanth Reddy became Chief Minister.
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Land prices hit new highs in Hyderabad
