Hyderabad, August 11:The e-auction of 14 land plots spanning 1 acre each in Budvel, Rajendranagar, on Thursday proved highly lucrative for the State government, yielding an astonishing Rs 3,625.73 crore in revenue. Notably, three plots garnered bids surpassing Rs 40 crore per acre. In the initial session, seven plots covering 58.11 acres were placed for auction, amassing Rs 2,057.67 crore. Following this, the second session featured the auction of seven plots spanning 41.90 acres, resulting in revenues of Rs 1,568.0 crore. The highest bid reached Rs 41.75 crore per acre, while the lowest was at Rs 33.25 crore per acre. On average, the bid price per acre settled at Rs 36.25 crore.
Government officials shared that the revenue generated surpassed expectations by an impressive 75-80 percent compared to the State’s predetermined upset price. The Hyderabad Metropolitan Development Authority (#HMDA) conducted the auction of 14 plots, ranging from 3.4 acres to 14.33 acres in Budvel, covering a total of 100.01 acres. It’s worth noting that the Telangana High Court, earlier in the day, declined to halt the e-auction of Budvel land parcels, despite a plea filed by the HC Advocates Association challenging the auction process.
The government had initially set an upset price of Rs 20 crore per acre, with an incremental bid of Rs 25 lakh per acre or multiples thereof. Officials highlighted that the State government offered an opportunity to corporations, real estate firms, IT companies, multinational corporations, and other significant players who narrowly missed out on prime plots during the recent Neopolis Layout e-auction in #Kokapet. The Neopolis Layout auction, held the previous week, generated a substantial Rs 3,319.60 crore in revenue for the State exchequer. Notably, this marked the first time in the history of Andhra Pradesh and Telangana that a one-acre land plot was sold for an impressive Rs 100.75 crore.
Officials also pointed out that Budvel is emerging as a prominent growth center, akin to well-established IT corridors such as Hit City, Madhapur, Gachibowli, and Knowledge City.
