Who said that real estate is falling in Hyderabad? Yes there are vacant plots and flats in large numbers. But that does not mean the real estate has crashed.
The fact that an acre of land in Hyderabad was sold for more than a hundred crore shows that the demand continues. There is another auction lands in Budwel today.
We have to see if it fetches more than a hundred crore on the second day again. There is no stopping to the realtors. They want to build skyscrapers in Hyderabad for the residents.
An acre at the Neopolis layout of Kokapet was sold for a record Rs 100.75 crore, at an e-auction conducted here in Telangana. The auction of 45.33 acres in the layout, divided into different plot sizes, fetched the government Rs 3,319.6 crore, against the offset price of Rs 1,586.50 crore.
The record bidder was Rajapushpa Properties Pvt Ltd for Happi Heights Neopolis. For the 3.6-acre site, they bid Rs 362.70 crore. The second highest bid was by Navatris Investments at Rs 75.50 crore per acre for the 6.55-acre Plot 7.
Rajpushpa is owned by former IAS and present MLC Venkatrami Reddy. This officer turned MLC had an interest in real estate for a long time.
Their bid amounted to Rs 494.53 crore. Brigade Enterprises Limited bid Rs 660.28 crore for the 9.71-acre Plot 8. Even the least valued plot could fetch the government Rs 506.39 crore: APR Group bid for Plot 11, measuring 7.53 acres, Rs 67.25 crore per acre.
In the first round of auctions for 49.949 acres at Neopolis on July 16, 2021, the government earned Rs 2,000.37 crore. Thursday’s auction constituted the second round.
