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The Neopolis project in Kokapet, Hyderabad, conducted land auctions for seven land parcels of 45 acres in Phase 2. The auction witnessed a high bid of Rs. 100.75 crore per acre for a 3.6-acre plot (No.10), making it the highest bid in the history of Hyderabad's real estate. The bid was placed by Rajapushpa Properties Pvt Ltd, and the overall collection in the auctions reached an impressive Rs. 3,319 crore, surpassing the state government's expectations of Rs. 2,000 crore.
The Neopolis layout is well-developed with modern infrastructure, wide roads, and intended for high-rise buildings, which attracted a good response from bidders. Compared to the previous auction in 2021, where the highest bid was Rs. 60 crore and the average bid was Rs. 40 crore, this time, all bids were above Rs. 70 crore, with the average being Rs. 73 crore and the highest reaching Rs. 100 crore.
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Several prominent firms participated in the bidding, including Navratri's Investments, De Blueoak, Rajapushpa Properties, and P Mangatram Properties, who bid at the rate of Rs. 75 crore per acre. Some plots were jointly bid on by MSN Pharmachem, Brigade Enterprise, APR Group, and individual bidders.
The successful bidders were required to pay 33% of the bid amount within 7 days and the remaining balance within 90 days. The auction saw participation from investors from other metro cities like Mumbai, Bengaluru, and Chennai, indicating the attractiveness of the Neopolis project and the economic progress of Telangana state.
The high land prices achieved in this auction set a new record in the real estate industry of Hyderabad, indicating the strong demand for prime land in the city and the confidence of real estate giants in investing in larger plots at higher prices. The success of the auction showcases the thriving real estate market in Hyderabad and the economic growth of the state.
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