Hyderabad: Telangana state set a new record for land prices after a plot near Hyderabad was sold for Rs 100 crore per acre on Thursday.
According to the information received, a real estate firm called ‘Rajapushpa Properties Private Limited ‘ auctioned the 3.6 acre plot in Neopolis Phase-II under Kokapet for Rs 362 crore.
Notably, in July 2021, a plot in Phase-1 was sold for Rs 60 crore per acre. Earlier, the land was sold for Rs 40 crore. The Times of India also reported that after Rs 60 crore, land or plots were sold for Rs 70 crore per acre.
The land auction held on Thursday was conducted by the ‘Hyderabad Metropolitan Development Authority‘. The ‘Hyderabad Metropolitan Development Authority’ has earned a total of Rs 3,320 crore by auctioning 7 plots. The total area of land auctioned in ‘Neopolis Layout’ is 45.33 acres.
Arvind Kumar, Special Chief Secretary of Hyderabad Metropolitan Development Authority, said that the government expected to collect Rs. 2000 crore from this auction. However, a record amount of Rs 3319 crore was collected.