An acre of prime lake-facing land in Kokapet’s Neopolis layout commanded a staggering ₹137.25 crore in a government e-auction on Monday, showcasing the suburb’s meteoric ascent into India’s ultra-luxury land market.
The blockbuster sale, part of the Hyderabad Metropolitan Development Authority’s (HMDA) Phase-3 bidding frenzy, not only eclipsed prior benchmarks but also raked in over ₹1,355 crore for the state coffers from just under 10 acres of premium plots.
The crown jewel of the auction was Plot No. 18, a sprawling 5.31-acre parcel with enviable waterfront views, which fell to MSN Urban Ventures LLP after a nail-biting escalation from HMDA’s reserve price of ₹99 crore per acre.
Bidding wars ignited early, with developers and investors locked in a high-stakes duel that propelled the final hammer price to new heights, totaling ₹728.80 crore for the entire lot. Mere moments later, neighboring Plot No. 17, a 4.59-acre expanse, was sealed at ₹136.50 crore per acre to Vajra Housing Projects LLP, adding another ₹626.53 crore to the tally and cementing Kokapet’s reputation as a goldmine for urban visionaries.
The real estate auction windfall marks a seismic 36% surge from the Neopolis layout’s previous high of ₹100.75 crore per acre, set during an August 2023 HMDA sale, and trails only the city’s all-time pinnacle of ₹177 crore per acre in nearby Rayadurg.
Once a sleepy fringe on Hyderabad’s western edge, Kokapet has transformed into a developer’s dreamscape, fueled by its proximity to the throbbing Hitec City IT corridor, where global tech titans like Microsoft and Google operate. The area’s demand is further amplified by master-planned zones like Neopolis, envisioned as a self-sustained enclave blending high-rise residences, green expanses, and commercial hubs.
The auction’s success, which saw an average yield of over 38% above reserve, signals robust liquidity in the sector, even as residential demand spills over from saturated central hubs. HMDA officials, jubilant yet measured, said the revenue will bankroll public amenities, from widened arterials to flood-resilient drainage, in the burgeoning Financial District.
Three more auction rounds are pending this week, including a November 28 sale of additional Neopolis parcels and a December 5 event at the adjacent Golden Mile layout, where reserve prices hover at ₹70 crore per acre. Speculation is swirling around Plot No. 19 potentially breaching ₹150 crore, a threshold that could redefine ‘premium’ in Indian realty.