The e-auction conducted by Telangana state government to sell off 49.94 acres of prime land parcels in Kokapet fetched Rs 2,000 crore to state exchequer on Thursday night.
While eight plots were put up for auction, the highest bid was Rs 60.2 crore per acre by Rajapushpa Realty company, which bought 1.65 acres for Rs 99.33 crore.
Out of eight plots, six were bagged by those who are known to be close aides of TRS chief and Telangana Chief Minister K Chandrashekar Rao.
Two plots were bought by Aqua Space Developers Pvt Ltd and one plot by Hyma Developers Pvt Ltd. Both these realty companies belong to My Home Group chairman Jupally Rameshwar Rao, known to be the right hand of KCR.
The Rajapushpa Realty company, which quoted highest bid bagged two plots. This company belongs to the brother of Siddipet collector Venkatarami Reddy, who is also known to be the close aide of KCR.
Another plot was bagged by Manne Satyanarayana Reddy, who owns MSN Pharma company and is related to Mahabubnagar TRS Lok Sabha member Manne Srinivas Reddy.
Another plot was bought by Varsity Education Management Pvt Ltd, which belongs to Sri Chaitanya Group of Educational Institutions.
The last plot was purchased by Prestige Projects Ltd.
The government prescribed a minimum bid price of Rs 25 crore per acre.
But the bids were submitted over and above the bid price due to huge demand for these plots located in Financial District abutting Outer Ring Road. Top realty firms vied for these plots to construct residential and commercial properties.
The lowest bid was Rs 31.2 crore per acre and highest was Rs 60.2 crore per acre. On an average, each acre fetched Rs 40.05 crore per acre proving the dominance of Hyderabad real estate market in India yet again.
