The Telangana government has earned revenue of over Rs 2,000 crore with the auction of 49.949 acres of land in Kokapet area in Hyderabad with the highest price being Rs 60 crore per acre.

The e-auction of the plots developed by the Hyderabad Metropolitan Development Authority (HMDA) was conducted by MSTC Ltd, a Central government enterprise.

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While the HMDA had set the upset price at Rs 25 crore per acre, the e-auction fetched maximum price of Rs 60.2 crore per acre for 1.65 acre plot. Rajapushpa Realty LLP was the successful bidder.

The minimum revenue earned per acre in the auction was Rs 31.2 crore an acre.

The land was auctioned in eight parcels. The biggest plot was 8.946 acre, which was purchased by Aqua Space Developers for Rs 350.68 crore.

Manne Satyanarayana Reddy of MSN Laboratories Private Ltd was the successful bidder with Rs 325.83 crore for 7.721 acre plot (Rs 42.2 crore per acre)

Rajapushpa Properties Pvt Ltd bought 7.755 acre plot for Rs 328.81 crore at Rs 42.2 crore per acre.

Aqua Space Developers purchased another plot of 7.738 acre for Rs 281.66 crore at Rs 36.4 crore per acre.

Varsihni Education Management Private Ltd was successful bidder for 7.575 acre land with Rs 296 crore (Rs 39.2 crore per acre).

Prestige Estates Projects bought 7.564 acre plot for Rs 285.92 crore (Rs 37.8 crore per acre).

Principal Secretary, Municipal Administration and Urban Development, Arvind Kumar tweeted after the e-auction that the investors have reposed their faith yet again in the governance led by Chief Minister K. Chandrasekhar Rao and Municipal Administration and Urban Development Minister K.T. Rama Rao.

The plots were developed in Neopolis Kokapet, which is being developed by the state government as a Greenfield township district at a cost of Rs 265 crore.

The layout development with infrastructure facilities such as roads, underground drainage, water supply distribution network, electrification and street lights have taken up in the layout for multipurpose use zone and unlimited Floor Space Index (FSI).

High rise towers will come up at Neopolis Kokapet. The layout development is proposed with seamless connectivity to Outer Ring Road by construction of Trumpet Interchange at Kokapet layout and additional entry and exit to ORR at Narsingi.

Arvind Kumar had told representatives of real estate companies and developers at the pre-bid meeting conducted for the e-auction late last month that Neopolis Kokapet will be role model for the entire country.

The land can be used for setting up office spaces, commercial complexes, recreational purposes and residential use. There will be no zonal restrictions.

The Telangana State Industrial Infrastructure Corporation (TSIIC) will also be auctioning 15.01 acre land at Khanamet on Friday. This also expected to fetch huge revenue for the state government.

These are the first phase of the auction of government lands to mobilise Rs 20,000 crore.