The second phase of Hyderabad’s Neopolis open plots auction held on Thursday, August 3 set new records for the Hyderabad Metropolitan Development Authority (HMDA). The auction garnered an astounding Rs 3,319.60 crore revenue, more than double the initial combined upset price of Rs 1,586.50 crore. The auction saw participation from investors and real estate developers from various major metropolises including Hyderabad, Mumbai, Bangalore, and Chennai. Officials attribute the auction's overwhelming success to extensive promotion and the attractive opportunities presented by Neopolis.
Located in Kokapet, the Neopolis project aims to provide cutting-edge opportunities for developers, corporations, and investors, with high-rise buildings allowed and an unlimited Floor Space Index (FSI). It boasts modern infrastructure and well-connected roads, including access to ORR and other major routes.
Seven plots spread across 45.33 acres, ranging in size from 3.60 acres to 9.71 acres, were put up for auction in the second stage of the Neopolis open plots auction. The total amount of revenue made from the auction of these plots has surged to Rs 3,319.60 cr from the initial combined upset price of Rs 1,586.50 cr. The lowest bidding was auctioned off at Rs 67.25 cr per acre, nearly double the value of the upset price of Rs 35 cr per acre.
In the Phase I auction held in July 2021, the government had sold 49 acres of land. The average bid from the first round remained at Rs 40 crore while the upset price was Rs 25 cr per acre.
Among the top bidders were Happi Heights Neopolis and Rajapushpa Properties Pvt Ltd, who secured a 3.6 acre plot for Rs 362.70 crore, equivalent to Rs 100.75 crore per acre. Another notable bid came from Navatris Investments and Rajapushpa Properties Pvt Ltd, offering Rs 494.53 crore (Rs 75.50 crore per acre) for a 6.55 acre plot. De Blueoak and P Mangatram Properties LLP also secured a 3.60 acre plot for Rs 270.90 crore (Rs 75.25 crore per acre).
The auction also witnessed fierce competition for other plots, with MSN Pharmachem Private Limited securing a seven-acre plot for Rs 511.00 crore (Rs 73.00 crore per acre), Brigade Enterprises Limited acquiring a 9.71 acre plot for Rs 660.28 crore (Rs 68 crore per acre), and APR Group securing a 7.54 acre plot for Rs 506.39 crore (Rs 67.25 crore per acre).
Additionally, a 7.34 acre plot was sold to Lakshmi Narayana Gummadi, Vangala Shyam Sunder Reddy, Venkateswara Rao Ventrapragada, and Madugula Karteesh Reddy for Rs 513.80 crore (Rs 70 crore per acre).
The successful bidders are required to pay 33% of the winning bid amount within seven days, along with a Rs 5 crore Earnest Money Deposit (EMD). The remaining balance must be settled within 90 days.