- An acre in Neopolis venture fetches
Rs 100 crore proving mettle of Hyderabad - Sai Krupa Ventures MD Kacham Rajeshwar remarks
The USA is synonymous with the Times Square. Going by the tremendous success of auction of plots in Neopolis venture in Hyderabad, there is no wonder that India would be synonymous with Neopolis in future. The Government of Telangana developed the venture in such a way that it becomes an important landmark in the country, opines Sai Krupa Ventures MD Kacham Rajeshwar. Talking to the Real Estate Guru, he said that an acre in Neopolis venture at Kokapeta in Hyderabad fetching Rs 100 crore is a welcome development. He analysed its impact on the real estate market.
“In the past, when an acre in the area fetched Rs 65 crore, it attracted a lot of negative publicity. Many TV channels aired comments to the effect that the market had crashed. Dispelling all such speculations, now an acre fetched Rs 100 crore. It is a welcome development. It stands as a testimony to the progressive nature of the market. In the backdrop of an acre commanding an unprecedented price, doubts are being fuelled on which direction the market takes.
In fact, the State Government developed the Neopolis layout taking it as a matter of prestige. The objective of developing it is to make India synonymous with Neopolis. The government succeeded in reaching its objective. Earlier also, several sites have been auctioned. But the government auctions commanded a lot of demand from participants. It is attributed to the credibility of the government. The credibility gets translated into cash. It would have a positive impact on the real estate market. During the current election year, people have adopted a wait-and-watch attitude.
In spite of it, an acre of land fetching Rs 100 crore is noteworthy. In fact, everyone expected that an acre will fetch Rs 75 or 80 crore. But an acre fetching Rs 100 crore is a great accomplishment by the government. Taking advantage of it, the land owners would jack up prices of the lands. Location of an ORR exit near Neopolis and providing 100-feet service roads contributed favourably,” he remarked.
