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Articles: Development | Real Estate in Hyd - How real it is?
- Mr. Siva Sankar Donepudi
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At the recent Housing Board auction in Kukatpally, bids just went up and up... and touched an unheard-of Rs. 50,000 per sq.yard. In fact, land price in even little-known Almasguda has shot up. Is it the land's real value or a cute game played by realtors?
Caught in an unprecedented real estate boom, property prices are on the rise in the city and its suburbs. But one surely did not expect the land rates to hit the roof. Did anyone anticipate the demand to rise so high that a square yard of land in the not-so-fancied Kukatpally Housing Board layout would cross the Rs.50,000 mark?
The auction of 12 plots taken up by the Andhra Pradesh Housing Board in the 5th and 6th phases of KPHB this week had some bidders raising stakes to a record level. The spirited bidding had some parties in a particular piece of plot allowing their stakes rise till it reached around Rs.50,050 per sq.yd. while flummoxed officials could only mutter, 'This is an all time record for our auctions.'
Gold mine
When they notified the auction of these bits of land spread out in the middle-class colony, even Housing Board officials would not have imagined that they were putting a gold mine under the hammer. If all the successful bidders deposit the promised money, the APHB is set to realise around Rs. 12 crores from just 12 plots!
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