Hyderabad development body to auction land parcels worth Rs 5,000 crore
Enthused by indications of a revival of growth of the real estate sector in the city, the Hyderabad Metropolitan Development Authority (HMDA) is now planning to conduct auction of about 200 acres of land in Kokapet and 96 plots in Uppal Bhagat and other areas. The notification for the auction of Uppal Bhagat plots is expected in a couple of days.
Going by the prevailing market value of land in these two areas, the metropolitan authority is aiming to net about 4,000 crore to 5,000 crore and the Kokapet sale of plots will become the biggest land auction ever conducted in the state.
Officials say while they are expecting about Rs 500-Rs700 crore from Uppal Bhagat and other land auctions, they aim to garner about Rs 3k-Rs 4k crore from the Kokapet land auction. Sources say the value of the land at Kokapet is between Rs 15-Rs 20 crore per acre.