Vajra Housing Projects LLP bought Plot No.17, which covers 4.59 acres, for ₹136.50 crore per acre. MSN Urban Ventures LLP secured Plot No.18, spread across 5.31 acres, for ₹137.25 crore per acre. In comparison, the 2023 auction averaged only ₹73 crore per acre. Therefore, the latest results highlight an 87% rise in land value. The government earned ₹1,356 crore from just these two plots, which reflects strong investor confidence.

Ten national and local developers took part in the online auction on the MSTC portal from 11 AM to 2 PM. Their aggressive bidding brought fresh attention to Hyderabad’s premium property segment. Moreover, officials stated that the city once again proved its dominance in the real estate sector.

HMDA will auction the remaining four Neopolis plots on November 28 and December 3. Additionally, it will conduct auctions for Gold Mine layout plots in Kokapet and 15 acres in Moosapet on December 5. Real estate groups expect similar record prices, and HMDA Commissioner Sarfaraz Ahmed welcomed the strong participation.

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According to officials, thousands of homebuyers lost money to fraudulent projects and delayed construction. The CBI stated that it is not only targeting builders but also probing their nexus with officials in financial institutions who allegedly facilitated the scams.

The crackdown marks one of the largest actions against builder fraud in recent years. Investigators believe that the accused siphoned off funds meant for housing projects, leaving buyers in distress. Many victims have been waiting for years for possession of their homes.

The agency revealed that multiple shell companies and fake documents were allegedly used to mislead both investors and lenders. The probe aims to uncover how funds were diverted and who benefitted from the schemes.

By intensifying searches, the CBI seeks to ensure accountability and restore faith among homebuyers. The CBI cracks down on builders cheating homebuyers in Kolkata, Bengaluru, and Mumbai at a time when real estate transparency has become a pressing concern in India.

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