Telangana Housing Board Auction Sets Record Land Price in Kukatpally
The Telangana Housing Board's public auction for open plots in Kukatpally Housing Board (KPHB) concluded on Friday with a remarkable surge in property values, setting a new benchmark for land prices in the area. The auction witnessed intense bidding, resulting in a square yard of land being sold for a staggering ₹2.65 lakh, which is more than double the upset price of ₹1.30 lakh per square yard.
Details of the Auctioned Properties
A total of four open plots located in Phases I and II of Dharma Reddy Colony were put up for sale, alongside eight flats in Sampoornam Apartment, Phase-15 of KPHB. The record-breaking price of ₹2.65 lakh per square yard was not an isolated case; another plot fetched ₹2.41 lakh per square yard, indicating a strong demand for land in this prime locality.
In the residential flats category, the auction saw similarly impressive results. One flat in Sampoornam Apartment was sold for ₹1.10 crore, significantly exceeding the upset price of ₹90 lakh. Other flats in the same building were purchased for amounts ranging between ₹1.06 crore and ₹1.08 crore, reflecting a robust market for housing units as well.
Financial Outcomes and Official Statement
The auction proved to be highly lucrative for the Telangana Housing Board, generating a total revenue of ₹24.26 crore. This substantial amount was derived from the combined sales of open plots and flats. Specifically, the open plots contributed ₹15.81 crore to the total earnings, while the flats in Sampoornam apartments added ₹8.45 crore.
Housing Board vice-chairman VP Gautham expressed satisfaction with the auction's outcomes, highlighting the successful mobilization of funds through the public bidding process. The results underscore the growing real estate value in Hyderabad's Kukatpally region, driven by infrastructure development and increasing demand for residential and commercial spaces.
Key Takeaways from the Auction:
- Record land price of ₹2.65 lakh per square yard, surpassing the upset price by over 100%.
- Total revenue of ₹24.26 crore earned from the sale of plots and flats.
- Strong performance in both land and flat segments, with multiple properties selling above expected prices.
- Continued investor confidence in Hyderabad's real estate market, particularly in well-established areas like KPHB.
