The move of the Telangana Rashtra Samithi government led by chief minister K Chandrasekhar Rao to mobilise financial resources by auctioning the prime lands on the outskirts of Hyderabad is paying rich dividends.
On Thursday, the Hyderabad Metropolitan Development Authority (HMDA) conducted e-auction of 49.92 acres of land at Kokapet on the outskirts of the city and to its pleasant surprise, it received tremendous response from the bidders.
The HMDA has fixed an upset price of Rs 25 crore per acre for the land for the auction through MSTC Ltd, (Metal Scrap Trade Corporation Ltd), a Central Public Sector Enterprise involved in diversified e-commerce services.
But the HMDA received the highest bid for Rs 50 crore per acre, which is double the upset price. In all, the lands were divided into eight plots and as many as 60 bidders took part in the auction. The venture, fully developed by the HMDA, has been named as Neopolis.
By evening, all the eight plots were sold away in the auction – four in the morning and another four in the evening. Since the venture is very close to the Outer Ring Road, the demand was very high.
The HMDA is also developing a specialised route at a cost of Rs 82 crore so as to facilitate people to have direct entry into the venture from the ORR from the airport, to avoid traffic disruptions.
Enthused by the huge response to the Kokapet land auction, the HMDA is getting ready for the auction of 15 acres of land at Khanamet on Friday. This venture has been named as Golden Mile. The government hopes to get much bigger response to the auction of this venture.