Hyderabad real estate skyrockets: Gachibowli land price hits Rs 2.22 lakh/sq yard in auction

Hyderabad, one of India's biggest cities, is known for its high land prices. Recent reports suggested a slowdown in the real estate market, but a recent auction saw a jaw-dropping price.

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Hyderabad's real estate is booming

Hyderabad's real estate market is booming again. Land prices in Gachibowli, the city's tech hub, have skyrocketed. A recent auction of commercial land saw a plot sell for Rs 2.22 lakh per square yard, creating a buzz across the country.

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Record prices at KPHB auction

On June 23, the KPHB Housing Board held an auction for commercial plots in prime areas like Gachibowli, Bachupally, and Chintal. 53 bidders participated, with the highest bids coming for four plots in Gachibowli, especially one opposite Dog Park.

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Acre for Rs 100 crore

With a starting price of Rs 1.20 lakh per sq yard, fierce bidding drove the final price to Rs 2.22 lakh. The total plot value reached Rs 33 crore, equivalent to Rs 100 crore per acre, reflecting Gachibowli's high demand.

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Chintal and Bachupally

10 plots were auctioned in Chintal's MGI area, with only three selling, generating Rs 8 crore. In Bachupally, four out of eight plots sold, with the highest bid at Rs 18.21 lakh, showing some stability.

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Huge revenue for the government

The auction generated Rs 65 crore for the Telangana Housing Board, with Rs 55 crore coming from the four Gachibowli plots, highlighting the area's significance.

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Reasons for growth

Real estate in Telangana is picking up after the lockdown. The government plans to sell prime land in 2021-22 and has identified liquor as another source of revenue.

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Impact on residential complexes

The price surge will impact residential projects. Private developers are announcing new apartments in Gachibowli, which experts predict could become Hyderabad's most expensive residential zone.