Hyd: HMDA Plans To Sell 70 More Acres in Neopolis

The Telangana government plans to continue land sales in Neopolis, Kokapet after strong revenue from earlier auctions. HMDA and the government of Telangana are preparing to sell the remaining plots in the New Year. Builder interest is expected to stay high.

Earlier, the government conducted e auctions in three phases for 27 acres of land in Neopolis. The response from builders exceeded expectations. One acre fetched Rs 151 crore and the sale of 29 acres earned Rs 3862.8 crores. Another 70 acres is now lined up.

The land was originally allotted for IT SEZ about ten years ago. It was leased to 11 companies but none set up operations. Some firms have exited agreements. Since timelines ended, the land is now with HMDA subject to clearance.

Basic infrastructure was developed earlier including wide roads and civic facilities. Companies have been formally informed about the government decision. If there are no legal hurdles, HMDA will hold full rights over the land. The authority will then proceed with the sales.

Officials expect at least Rs 100 crore per acre from the new auctions. This could bring about Rs 7000 crore and possibly touch Rs 8000 crore if bids rise. The funds will support Metro expansion, BSTR projects and elevated corridors. Clearing vacant land risks is also a factor. Encroachments in Miyapur and Jawaharnagar vacant lands has led to government’s worry.