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Hyderabad Real Estate News – Telangana Govt. Permits Auction of Kokapet Land

Posted by luckypropertywala_sxyoj4 on December 28, 2021
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Telangana Govt. Permits Auction of Kokapet Land

The State Government of Telangana has ordered the auction for Kokapet land parcels under surveys 239 & 240. In a Government-Order issued by Chief Secretary Somesh Kumar, the District Collector of Rangareddy has been ordered to execute sale deeds of Kokapet Neopolis land parcels of Survey 239, 240. Earlier in July, the government had conducted e-auction for 8 plots of the Kokapet Neopolis layout which added up to about 48.3 acres in area. The minimum upset price for the 8 land parcels auctioned in July was fixed at ₹25 crores per acre.

The Telangana government generated ₹2,000 crores from the e-auction of 8 Kokapet Neopolis plots earlier this year and the auction was conducted by Hyderabad Metropolitan Development Authority (HMDA). The Government-Order (GO) issued by the state government, it was explicitly mentioned that the land rights of the Kokapet Neopolis layout belong solely to the Government of Telangana and the HMDA would conduct the auction on behalf of the state government. “The HMDA is the only agent of the government and all transactions conducted bythe HMDA in the matter are on behalf of the government of Telangana only,” the GO No. MS 125 states.

In the GO addressed to the Rangareddy District Collector, the Chief Secretary also asked the District Collector to finish the processing of the lands auctioned to bidders in July. The plots auctioned in July were temporarily on stay as there were petitions in the Telangana High Court against the auctions which also caused the state government to postpone auctions of other land parcels in the state. The state government plans to sell land parcels in auctions to recuperate losses suffered during the last 21 months of the pandemic and the economic slowdown it has caused. The government of Telangana aims to generate a minimum of ₹5,000 crores from auctioning land parcels of desirable layouts.

The e-auctions conducted in July were part of the first phase of the government’s plan to generate revenue from land auctions, the govt. managed to secure approximately ₹2,000.37 crores in the July auction alone. The govt. also generated around ₹470 crores from the recently held auctions for land parcels which are a part of the Uppal-Bhagath layout. The land that will be auctioned from the Kokapet Neopolis layout has the advantage of being located very close to Gachibowli, Gandipet and many major campuses of IT/ITeS companies. The layout is also situated right next to the Outer Ring Road (ORR) which makes connectivity easy.

The e-auctions conducted in July for Kokapet Neopolis parcels and the auctions conducted in December for Uppal Bhagath layout parcels generated a large amount of interest from investors and buyers alike. The highest price fetched was during the e-auctions held in July when a 1.65 acre plot of the Kokapet Neopolis layout was sold for an amount of ₹99.3 crores to bidder Rajapushpa Realty LLP – this land parcel was purchased at a cost of ₹60.2 crores per acre. Judging from the response from the auctions held in 2021, the Govt. of Telangana will be expecting healthy interest and secure enough revenue from upcoming land aucitons.

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