After auctions, land rates rise steeply in Hyderabad

Land prices in areas like Boduppal, Madhapur, Attapur and other zones have gone up sharply post the auction conducted by the HMDA (Hyderabad Metropolitan Development Authority). 1 sq. yard of land was priced at approximately Rs. 63, 000 in Madhapur 2-3 months earlier and prices now range between Rs. 1.09-1.52 lakhs as per reports. Under-construction villas which were priced at around Rs. 75 lakh previously are now being offered for Rs. 1 crore and even more in some cases. Several reports indicate that Attapur is one of the most expensive zones in Hyderabad. Rs. 1.53 lakh is the price per sq. yard as compared to Rs. 50, 000 per sq. yard sometime earlier. The biggest reason behind this increase in land rates is the auctioning of the plots by the HMDA with zero litigation. The prices have been increased by buyers between 30-50% on an average. Attapur is also located in close proximity to Hitech City and the Shamshabad Airport. Prices have also increased considerably for constructed residential projects such as apartments along with independent homes in Chandanagar and Nallagandla. The resale values have also increased greatly. Property prices have also gone up in areas like Neknampur, Mushk Mahal and Mailadeverpally. Costs have gone up above Rs. 1 crore for villas which are being built in Shadnagar, Gachibowli, Medchal, Kukatpally, Kadthal and Rajendranagar. These villas were priced at around Rs. 70-90 lakhs in the past when these projects commenced. Land prices in Tellapur, Shaikpet, Shankarpally and Vanasthalipuram have also gone up post the HMDA auction. 210 open plots were auctioned by the agency and a total of Rs. 352 was approximately collected which is the highest such collection over the last 12 years. Bids in Attapur were received for Rs. 1.53 lakh per sq. yard for plots situated here. The lowest bid received was for plots situated in the Anantaram village which is located near Ghatkesar and these are priced at around Rs. 4, 500 per sq. yard as compared to the listed price of Rs. 4, 000 per sq. yard. The e-auction has unearthed the market values of land in Hyderabad. With lands having clear titles, the property rates have increased considerably. Global brands and IT firms are now choosing Hyderabad for setting up their offices and hence real estate values have also gone up.