The Hyderabad Metropolitan Development Authority (HMDA) is preparing the grounds to auction government lands once again in Kokapeta region of Hyderabad. It decided to bring 64 acres of land in Neopolis Layout of Kokapeta region under the hammer. A notification is likely to be issued in a week. The conduct of auction was entrusted to the central government organization MSTC.
The first phase of the auction had taken place in July 2021 in the area. Then eight land parcels measuring 49 acres were auctioned off. About 60 bidders competed with one another in the auction. The offset price of an acre was decided then as Rs 25 crore. The auction saw bidders quoting an average higher price of Rs 40.05 crore per acre. The maximum price quoted was Rs 60 crore. The government was able to net Rs 2000 crore byway of auction of the land parcels in the first phase. In this backdrop, the HMDA developed 64-acre layout and is going in for the second phase of the action. The number of plots developed ranges between 6 and 10 with the area of each land parcel varies from five acres to eight acres.
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