KPHB land price hits Rs 70 Cr per acre as Godrej Wins Rs 547 crore Housing board e-auction
Hyderabad: In a landmark deal that underscores the soaring value of real estate in Hyderabad, Godrej Properties has emerged victorious in an e-auction, securing 7.8 acres of prime land in the Kukatpally Housing Board (KPHB) colony for a staggering Rs 547 crores. The winning bid of Rs 70 crores per acre sets a new benchmark for land prices in the area on Wednesday.
The Housing Board held an auction that drew fierce competition from major real estate players like Aurobindo Realty, Prestige Estates, and Ashoka Builders. The bidding, which lasted for over three and a half hours, saw the price per acre escalate 46 times from its base price of Rs 40 crores.
Telanagana Housing Board Vice Chairman, V.P. Gautham, hailed the process as a testament to the transparency and high demand in the Hyderabad market. "The involvement of these top companies and the final price shows strong confidence in Hyderabad's real estate growth. The money from this sale will go to housing schemes for the poor and middle class, as the government decided," Gautham said.
The strategically located land, in close proximity to the IT hub of Hi-Tech City, is expected to host a new premium residential project by Godrej Properties. This development is expected to enhance the real estate scene in and near the city. It will attract more investment and raise the profile of the Kukatpally area.
In a separate development, the government also generated Rs 70.11 crores by allotting incomplete multi-storey towers from the Rajiv Swagruha Corporation. Through a lottery system, three unfinished towers were sold to institutional buyers.
In Pocharam township, a tower with 72 flats was allotted to the NTPC Employees Association for Rs 13.78 crores, while another tower with 122 flats was acquired by the Gayatri Education and Cultural Trust for Rs 30 crores. Additionally, a 112-flat tower in Gajula Ramaram was allotted to the FCI Employees Association for Rs 26.33 crores. The fixed rates for these structures were Rsc1,650 per square foot in Pocharam and Rs 1,995 per square foot in Gajula Ramaram.