Hyderabad: Land prices in Hyderabad’s real estate market hit a new record when a prime plot in Kukatpally Housing Board (KPHB) fetched ₹70 crore per acre in an e-auction on Wednesday. The Telangana Housing Board said the single-day auction generated ₹547 crore for the state government.
The auction covered 7.8 acres of government land in KPHB. The Housing Board set a base price of ₹40 crore per acre, but fierce competition among top real estate firms drove the price up. Bidding ran for three hours, with 46 rounds before Godrej Properties won at ₹70 crore per acre.
KPHB auction sets record revenue
Along with Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders also joined the auction, Housing Board Vice Chairman V.P. Gautam said.
The government said it will use the revenue to support housing schemes for the poor people and the middle class people. Funds will go to the Indiramma housing programme, which offers ₹5 lakh to eligible beneficiaries for home construction.
In a separate move, Rajiv Swagruha Corporation sold three incomplete towers in Pocharam and Gajularamaram townships, earning ₹70.11 crore.
