7.8 acre residential plot in KPHB sold for Rs 547 crore
Godrej Properties secured the land by quoting the highest bid of 70 crore per acre.
Other main bidders included Aurobindo Realty, Prestige Estates of the Prestige Group and Ashoka Builders.
The state govt has decided to allocate the proceeds towards affordable housing schemes and Indiramma housing for poor and middle-class sections.
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Housing Board vice-chairman VP Gautham stated that the board had previously earned 65.3 crore per acre for commercial land in KPHB during the auction held on July 30.
He noted that, in less than a month, land prices in the city had increased, particularly for residential land, indicating a renewed real estate boom.
The Housing Board had set an upset price of 40 crore per acre, and the entire 7.8-acre site, situated in the heart of the Kukatpally Housing Board colony, was auctioned as a single parcel. The site is adjacent to a 60-foot wide road and enjoys good connectivity to Hi-Tech City.
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Godrej Properties is already constructing a skyscraper at Kokapet, and has plans for another major project on the newly acquired land. The master plan includes widening the adjacent road to 120 feet.
Last month, the Housing Board issued a notification to sell 7.8 acres of land in Kukatpally via e-auction. The auction lasted approximately three and a half hours, with the minimum price set at 40 crore per acre. The price was increased 46 times by the bidders.
While an acre at the Neopolis layout in Kokapet fetched a record 100.75 crore at an e-auction in Aug 2023, officials described this as an exception given its location in the IT corridor.
70cr from 3 unfinished bldgs
On Wednesday, the state govt also earned 70.11 crore from the sale of three unfinished multi-storey buildings in the Rajiv Swagruha Corporation township. Two towers comprising 112 and 72 flats respectively in Pocharam township on the outskirts of the city, and a third tower with 112 flats in Gajularamaram, were allotted through a lottery.
Prices per square foot were 1,650 in Pocharam township and 1,995 in Gajularamaram. Through the lottery, an incomplete tower with 72 flats in Pocharam was awarded to the NTPC Employees Association for 13.8 crore; another tower with 122 flats was awarded to the Gayatri Education and Cultural Trust for 30 crore; and a third incomplete tower with 112 flats in Gajularamaram was awarded to the FCI Employees Association for 26.3 crore.
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