Huda gets Rs 705cr from 69 acres

Taking land prices to a new high, the plots auctioned today by the Hyderabad Urban Development Authority (Huda) fetched as high as Rs 14.45 crore per acre at Kokapet on the city outskirts.

In a record of sorts in the history of Hyderabad real estate prices, Huda realised Rs 705 crore from the auction of just about 69 acres.

This is a phenomenal growth in land value in the city limits as the land rates in these areas were around Rs 1 crore per acre a year-and-a-half ago.

In a bid to mobilise the funds required for projects like Outer Ring Road (ORR), Huda has developed plots with an average size of 4-5 acres totalling 100 acres at Kokapet where the government has also proposed to allot lands to IT companies.

The land auction bid attracted several players in hotel, real estate and other businesses across the country. But owing to ownership disputes with regard to the part of the land proposed to be auctioned, Huda authorities could put up only 69 acres for today's auction.

The land prices saw a steep rise here a year ago when Lanco Infratech Private Limited quoted Rs 4.25 crore a acre for 100 acre IT park project at Manikonda.

That time,the open market price in that area was hardly Rs 2 crore an acre. The Andhra Pradesh Industrial Infrastructure Corporation (APIIC), had invited bids from private players for the development of IT park in 100 acres owned by it.

Going further, Huda invited bidders for open auction for the Kokapet land on Thursday indicating an upset price of Rs 4.5 crore an acre. While 17 plots were slated for auction, the bidding started at Rs 10 crore and reached Rs 14.45 crore in a couple of hours. Fetching the highest among of the day, the 11th plot was given away to the highest bidder at Rs 14.45 crore.

The government had recently allotted over 25 acres to Tishman Speyer-ICICI combine at Rs 4.5 crore per acre for the development of IT towers at Nanakramguda, which is even more in demand compared with Kokapet. Secunderabad-based Kailash Ganga Pvt Ltd was the highest bidder at Rs 14.45 crore for a 4.5 acre plot while other plots fetched between Rs 9.5 crore and Rs 13.51 crore per acre.

Delhi-based Today Hotels Private Limited won a 4.6 acre plot by bidding Rs 13.51 crore while Mumbai-based Lake Point Builders won two plots of 4 acre and 1.47 acre each at Rs 10.55 crore and Rs 12.25 crore per acre respectively. Other buyers include Pooneer Talafore Private Limited, Water Mark A Estates, and Madhucon Pvt Ltd.

Prestige Garden Estae Pvt Ltd bought a 6.3-acre plot for Rs 13.06 crore per acre while Bangalore-based IBC Knowledge Park Pvt Ltd bought a 5.33-acre plot for Rs 12 crore per acre.

On the lowest side, Hyderabad-based My Home group won two plots of 5.5 acre and 2.7 acre each by quoting Rs 7.75 crore and Rs 6.1 crore per acre respectively.