Strategic Land Auction: Telangana Government Greenlights Kokapet Sale for Economic Recovery

It maybe recollected the government sold Kokapet lands through e-auctioning in July this year which garnered huge response as eight plots over 48.27 acre were offered for a minimum upset price of Rs 25 crore per acre.

Hyderabad:The nation authorities gave a green signal to auction Kokapet land at Neopolis place beneath survey variety 239,240 on wednesday. A authorities order on this regard become issued with the aid of leader secretary somesh kumar which granted permission to execute the sale deeds of presidency land to Ranga Reddy district collector.

It can be recollected the government offered Kokapet land through e-auctioning in july this year which granted massive reaction as 8 plots over 48.27 acre where presented for a minimal disappointed fee of Rs 25 crore consistent with acre.

In its Go, the government made it clear that the rights on the land belongs to government and that the Hyderabad Metropolitan Development Authority(HMDA) will conduct the auction as a government agent.

“The HMDA exclusively acts as the government’s representative, and all transactions carried out by the HMDA in this regard are solely on behalf of the government of Telangana,” states Government Order number MS 125.

During July’s auction, there was tremendous response for the kokapet lands as the highest bid amount was recorded at Rs.60.2 crore per acre for plot number 2/P which measured 1.65 acre . Rajapushpa Realty LLP successfully won the bid for the plot for a total of Rs.99.33 crore.

The decision to sell the lands was taken by the government as part of efforts to recover losses incurred due to the COVID-19 pandemic. Kokapet village in the Gandipet mandal is strategically located near the outer ring road and in close proximity to IT and ITES offices.

The government was keen on earning a total Rs 2,000.37 crore by auctioning kokapet lands alone.

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