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Real estate prices are surging not only in Kokapet but also in neighbouring areas like Mokila. A recent auction by the Telangana government of a 165-acre layout in Mokila village, situated near the Narsingi-Shankarpally road, resulted in the state government obtaining three times the market price per square yard.
During the auction, conducted by the Hyderabad Metropolitan Development Authority (HMDA), plot prices reached remarkable heights, with the highest bid for Plot No. 242 surging to Rs 1.05 lakh per square yard. Similarly, the lowest bids for Plot Nos. 266 and 311 were also substantial at Rs 72,000 per square yard. The average bid amount per square yard settled at Rs 80,397.
Out of the 50 plots offered, the state successfully sold 48, each measuring between 300 and 500 square yards, accumulating a total revenue of Rs 121 crore. Two plot auctions were cancelled due to erroneous bids. This achievement marks a significant triumph for Mokila as local real estate industry sources indicate that open plots in the area have historically been sold for approximately Rs 30,000 per square yard. Special Chief Secretary (Municipal Administration), Arvind Kumar, announced the government's intention to initiate a second phase of auctions in Mokila, citing the immense response and demand for plots.
HMDA officials attributed the successful auction to several factors, including the title guarantee, proper infrastructure development, and the absence of litigation associated with HMDA plots. The officials further noted that these plots are also favoured for their advantageous locations, leading bidders to willingly pay a premium to secure them.
An HMDA official stated that the upset price was fixed at Rs 25,000 per square yard, theoretically yielding Rs 40 crore. However, the actual revenue surpassed this projection by threefold. Mokila's focus, unlike Kokapet, centred on middle and upper-middle-class buyers.
HMDA is committed to developing comprehensive infrastructure facilities within the next 18 months. This includes roads with footpaths, central medians, underground sewage networks, water supply distribution networks with overhead tanks, stormwater drainage systems, power supply, and street lighting.
The impressive outcome of the recent plot auction exemplifies Mokila's emergence as a sought-after real estate destination, highlighted by the robust demand and the government's plans for future phases of development. As infrastructure projects take shape, the area's potential for attracting property buyers and investors is set to expand further.
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