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1,487 square-yard commercial plot in Gachibowli was sold for Rs 33 crore — at Rs 2.22 lakh per square yard — during an auction of properties by the Telangana Housing Board on Monday, June 23. The auction of plots and flats in Gachibowli, Chintal, and Nizampet reportedly fetched a total income of Rs 65.02 crore for the Board.
The auction, held at a community hall in Kukatpally Housing Board (KPHB), saw other notable sales, including a 1,200 sq yd plot that sold for Rs 13.4 crore and two MIG (middle-income group) plots that fetched Rs 4.5 crore.
Properties in Gachibowli alone brought in nearly Rs 56 crore of the total Rs 65 crore revenue on June 23.
Vice Chairman and Commissioner of the Telangana Housing Board, VP Gautham, said that 55 people participated in the auction, The Hindu reported.
Earlier, on June 11, a plot in Kukatpally was auctioned by the Housing Board for Rs 2.98 lakh per square yard, marking what officials described as a record sale. That auction saw 18 properties sold, generating a total revenue of Rs 142 crore.
Housing Board officials have pointed to these prices as an indication of the steady growth of Hyderabad’s real estate market.
Successful bidders are required to pay 25% of the amount within two days.
In August 2023, Hyderabad witnessed a record real estate sale when a plot was sold for Rs 100 crore per acre during the Neopolis open plots auction conducted by the Hyderabad Metropolitan Development Authority (HMDA). That auction generated Rs 3,319.60 crore in revenue, more than double the combined upset price of Rs 1,586.50 crore.