THUMBS UP: Participants at the HUDA land auction in Hyderabad on Thursday. — PHOTO: SATISH H.

HYDERABAD: What took Jubilee Hills located in the heart of the city more than 20 years, Kokapet in Rajendranagar mandal of Ranga Reddy district has accomplished in one auction on Thursday.

With the highest bid amount for a plot at Rs. 14.45 crores per acre, land price in Kokapet has worked out to approximately Rs. 55,000 per sqyd on par with that of Jubilee Hills though Golden Mile layout is on fringes of city.

Yet many of the successful bidders said the plots were worth the price.

HUDA Chairman D. Sudheer Reddy and ORR Project Director Piyush Kumar described Kokapet as the new city where infrastructure facilities were being redefined. Abutting Outer Ring Road, three km away from Gandipet and close to International Airport, it is almost an extension of Financial District and in the vicinity of the IT hub.

World-class facilities

In the next three to five years, it would have world-class facilities overtaking Jubilee Hills and Banjara Hills, they said. HUDA authorities also said the layout was not covered under GO.No. 111.

They said tenders were already floated for development of layout and in four to six months, roads and drainage would be in place. A motorable road connecting Golden Mile to Financial District was laid in the last 10 days. Many of the successful bidders were tight-lipped about their proposed projects but Prestige Gardens Estate Group, Bangalore, indicated it would develop commercial and residential complexes. Some others indicated that they would set up star hotels.

HUDA Secretary and Auction Officer P. Venkatram Reddy said the successful bidders would have to deposit one-third of the bid amount within a week and the rest of the amount would be paid in three instalments in 40 days.

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