Hyderabad Real Estate Surges: Gachibowli and Kukatpally Plot Prices Reach New Heights

A 1,487 square-yard commercial plot in Gachibowli was sold for Rs 33 crore — at Rs 2.22 lakh per square yard — during an auction of properties by the Telangana Housing Board on Monday, June 23. This impressive sale is a testament to the growing demand and value of properties in Hyderabad, particularly in the Gachibowli area.

The auction, held at a community hall in Kukatpally Housing Board (KPHB), saw other notable sales, including a 1,200 sq yd plot that sold for Rs 13.4 crore and two MIG (middle-income group) plots that fetched Rs 4.5 crore. The total income from the auction of plots and flats in Gachibowli, Chintal, and Nizampet reportedly amounted to Rs 65.02 crore for the Board.

Properties in Gachibowli alone brought in nearly Rs 56 crore of the total Rs 65 crore revenue on June 23. Vice Chairman and Commissioner of the Telangana Housing Board, VP Gautham, said that 55 people participated in the auction, highlighting the strong interest from investors and developers.

Earlier, on June 11, a plot in Kukatpally was auctioned by the Housing Board for Rs 2.98 lakh per square yard, marking what officials described as a record sale. That auction saw 18 properties sold, generating a total revenue of Rs 142 crore. Housing Board officials have pointed to these prices as an indication of the steady growth of Hyderabad’s real estate market.

Successful bidders are required to pay 25% of the amount within two days. This requirement ensures that the transactions are completed swiftly and that the Board receives the necessary funds to continue its development projects.

In August 2023, Hyderabad witnessed a record real estate sale when a plot was sold for Rs 100 crore per acre during the Neopolis open plots auction conducted by the Hyderabad Metropolitan Development Authority (HMDA). That auction generated Rs 3,319.60 crore in revenue, more than double the combined upset price of Rs 1,586.50 crore. This event further solidified Hyderabad's position as a key player in the Indian real estate market.

The surge in property prices and the high demand for plots in areas like Gachibowli and Kukatpally reflect the city's rapid urbanization and economic growth. Hyderabad, known for its IT hub and vibrant culture, continues to attract both domestic and international investors, making it a prime location for real estate investments.

The Telangana Housing Board and the Hyderabad Metropolitan Development Authority (HMDA) play crucial roles in managing and regulating the real estate market in the city. Their efforts to conduct transparent and fair auctions have contributed to the overall stability and growth of the sector.

As the real estate market in Hyderabad continues to thrive, it is expected that more such auctions will take place, attracting even more investors and contributing to the city's development. The future looks promising for the real estate sector in Hyderabad, with Gachibowli and Kukatpally leading the way in terms of plot prices and investor interest.