Land Prices Skyrocketing with Record Value of Rs 151.25 Crores in Kokapet

Hyderabad’s Kokapet Neo-polis has set a record creating land prices worth Rs 151.25 crores per acre in the second phase e-auction. Spanning over 9.06 acres, HMDEA earned over Rs 1,352 crores in revenue. Plot 15 sold to Laxminarayan Company and plot 16 acquired by Godrej Properties. Approvals for constructing buildings reaching sky limits in Neo-polis are the primary reason for the increased prices. Other plots will have auctions on December 3, 5.
Kokapet’s real estate market witnesses a new aspect with the second phase e-auction displaying soaring land prices. Kokapet Neo-polis under HMDEA’s management sees a transformative phase with record land prices of Rs 151.25 crores per acre in this phase. The second phase e-auction concluded on Friday. Only 9.06 acres of land were auctioned off. Plot 15 sold for Rs 151.25 crores while plot 16 for Rs 147.75 crores.
With the 9.06 acres generating revenue of Rs 1,352 crores for HMDEA. Plot 15 (4.03 acres) sold to Laxminarayan Company accruing Rs 609.55 crores. Plot 16 (5.03 acres) acquired by Godrej Properties bringing in around Rs 743 crores. The first phase e-auction on November 25 saw land prices hitting a high of Rs 137.25 crores per acre. The recent auction also witnessed changes in the record.
Neo-polis in Kokapet stands out with extraordinary features. With an investment of Rs 300 crores earlier, 40 acres were transformed with modern facilities like cycling tracks, 45-meter-wide roads, underground drainage, and continuous power supply. Buyers of plots in this area are granted permissions to construct buildings with numerous floors for commercial, residential, and entertainment purposes. These special permissions are the main reason for the high prices of these lands.
In Neo-polis, HMDEA is prepared to conduct auctions for 29 acres including 16 acres near Mousapet for managing events. The other plots will have auctions on December 3, 5. Plots in Kokapet Neo-polis are priced at Rs 99 crores per acre, Kokapet Golden Mile plots at Rs 70 crores, and Mousapet plots at Rs 75 crores with HMDEA setting the initial prices.