Breaking ground, Hyderabad’s Neopolis witnesses a historic sale! A sprawling 3.6-acre plot finds its new destiny with the Rs. 362 crore as selling price.
In a stunning display of real estate fervor, Hyderabad witnessed an extraordinary bid that shattered all previous records. The coveted 3.6 acre plot (no. 10) in Phase 2 of Neopolis, Kokapet, garnered an astounding bid of Rs. 100.75 crore per acre, with the highest bidder, Happi Heights Neopolis, Rajapushpa Properties Pvt Ltd, sealing the deal for an eye-watering Rs. 362 crore.
The auction, held by the Hyderabad Metropolitan Development Authority (HMDA), saw an unprecedented surge in land prices. In July 2021, during Phase 1 of the Neopolis auction, the highest bid barely touched Rs. 60 crore. However, the tides turned this time, as most winning bids soared above Rs. 70 crore, propelling the average bid in Thursday’s auction to an astronomical Rs. 73 crore.
The state government was astonished as the bidding surpassed their expectations, staggering Rs. 3,319 crore from the auction. Initially hoping to secure about Rs. 2,000 crore, the actual result marked a significant achievement, echoing the robustness and buoyancy of the state’s real estate sector.
Arvind Kumar, special chief secretary, MAUD, expressed his excitement on Twitter soon after the auctions, stating, “A record of Rs. 3,319 crore realized in today’s auctions. Highest bid Rs. 100 crore, and the average bid was Rs. 73 crore for 45 acres, as against the upset price Rs. 35 crore. This reaffirms the state’s buoyancy and robustness.”
The Neopolis project has become a symbol of the city’s ever-expanding skyline and an embodiment of the growing enthusiasm for real estate investments in Hyderabad. The high demand for these premium plots reflects the confidence investors have in the city’s economic prospects and infrastructural development.
The eye-popping bid for the 3.6 acre plot in Neopolis signals an era of dynamic growth for Hyderabad’s real estate market. With this unprecedented transaction, the city cements its position as one of the most promising destinations for property investments in the country. As the dust settles on this remarkable auction, the spotlight now turns to the future, where only time will reveal how this investment shapes the landscape of Hyderabad’s ever-evolving urban panorama.