Telangana Government earns big through Kokapet Auction:- The Telangana government announced an auction of 49.94 acres of land in Kokapet through e-auction which took place yesterday. Breaking many records, an acre of land is sold for Rs 60.2 crores in the e-auction and the government of Telangana pocketed Rs 2000.37 crores on first day. There was no impact of coronavirus in Hyderabad real boom proved the auction and Hyderabad turned out to be the hot spot for investments. Rs 42.6 crores was the highest bid that took place in Raidurg in 2017 May. Now an acre of land was sold for an astonishing Rs 60.2 crores. Rajapushpa Realty bought 1.99 acres of land for such a huge price and they paid Rs 99.33 crores for the piece of land. The project was named Neopolis and is located in the hub of Kokapet and Financial District.
The government locked the minimum bid price as Rs 25 crores. Rajapushpa Realty also bought one more 7.75 acres of land for Rs 42.40 crores per acre and paid Rs 328.21 crores for the property. The e-action was conducted for eight plots by HMDA in two sessions yesterday. 60 bidders participated in the e-auction and paid Rs 5 crores money as deposit. The average bid per acre is said to be Rs 40.05 crores and the minimum bid was Rs 31.2 crores per acre. MSN Laboratories Chairman Manne Satyanarayana Reddy bought 7.721 acres for Rs 325.83 crores at Rs 42.2 crores per acre. My Home Group's sister firm Aqua Space Developers purchased 7.738 acres for Rs 281.66 crores at Rs 36.40 crores per acre. It also purchased 8.946 acres of land for a whopping price of Rs 350.68 crores which is valued at Rs 39.20 crores per acre.
(Video Source: ABN Telugu)