Kokapet lands proved to be a gold mine for the cash-strapped government, with the highest bid in the online auction reaping ₹ 60 crore per acre on Thursday, the day when the e-auctions were conducted by HMDA for eight plots. In all, the total revenue garnered from the auction stood at ₹ 2,000.37 crore.
The single plot of 1.65 acres put up for sale in Golden Mile Layout fetched a total of ₹ 99.33 crore in the auction, bid successfully by Rajpushpa Realty. The winning bids ranged between ₹ 31.2 crore and ₹ 60.2 crore with a weighted average bid amount of ₹ 40.05 crore per acre, a note from the HMDA informed.
HMDA has undertaken the online auction of 49.949 acres of land at Neopolis Layout in Kokapet abutting the Financial District, through MSTC platform. Uniform upset price was ₹ 25 crore per acre, with minimum bid increment of ₹ 20 lakh or its multiples per acre. The auction was done in two sessions. In the first session from 9 a.m. to 12 noon, four plots measuring total of 30.778 acres were put up for bidding and in the second session from 2 p.m. to 5 p.m., four more plots measuring 19.171 acres were put on auction.
HMDA had a total land of 634 acres in Kokapet, of which 167 acres were sold through auction in 2007, when the maximum bid was ₹ 14.25 crore. Later, the lands got mired in legal dispute for a long time, before being cleared by the Supreme Court in 2017 in favour of HMDA. After allotment of 110 acres to the Special Economic Zone, and 55 acres to several other organisations, HMDA developed the layout in 300 acres. After allocation to roads and other public utilities, plots were developed in 110 acres.
