Commercial plot in Gachibowli fetches Rs 2.2 lakh per square yard, goes for Rs 33 crore
H
yderabad: In a sign of a revival of the real estate boom in the city, the Telangana Housing Board sold a commercial plot for Rs 33 crore and another plot for Rs 11 crore in Gachibowli.
The board auctioned plots in Gachibowli, Chintal, Nizampet, and other places on Monday, generating a total of Rs 65 crore.
According to Telangana Housing Board (THB) commissioner VP Gautam, of the 11 plots auctioned, one commercial land parcel measuring 1,487 square yards in Gachibowli was sold at Rs 2.20 lakh per square yard, thereby fetching Rs 33 crore.
The govt had fixed Rs 1.20 lakh per square yard as the upset price for the land.
In the same locality, land earmarked for schools, for which the govt fixed Rs 80,000 per square yard, was sold for Rs 1.12 lakh per yard.
Additionally, two Middle Income Group (MIG) plots in the area were sold for Rs 1.86 lakh and Rs 1.32 lakh per square yard, respectively. Officials said that auctions in Gachibowli alone fetched Rs 56 crore for the board.
Plots in Chintal and Qutubullapur also fetched good prices. Of the 10 plots in Chintal, three plots — Nos.
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113, 114, and 115 — fetched Rs 8.11 crore. The board also earned Rs 70 lakh from the sale of four plots in Bachupally and Nizampet.
A few weeks ago, the THB had auctioned plots in KPHB, where one square yard fetched a record Rs 2.98 lakh. In Phase 7 of KPHB, 18 plots were auctioned, generating Rs 142 crore for the board. One land parcel — No. 22 — fetched the highest price of Rs 2.98 lakh per square yard. On average, the board earned Rs 2.38 lakh per square yard for the 6,232 square yards sold.
As per the norms, successful bidders must pay 25% of their bidding amount to the THB immediately, and the balance can be paid later.
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