Hyderabad, Jul 9 (IANS): The Telangana government has taken up development of a greenfield township district of Neopolis Kokapet here at a cost of Rs 265 crore.

The layout development with infrastructure facilities such as roads, underground drainage, water supply distribution network, electrification and streetlights have taken up in an area of 533 acres with bigger size plots for multipurpose use zone and unlimited Floor Space Index (FSI).

The works are targeted to be completed in 18 months. The government will provide modern infrastructure and it is expected that once developed, this will provide employment to about a million people in next 5-7 years, says the annual report of Telangana's Municipal Administration and Urban Development Department for 2020-21.

The report was released on Friday by Municipal Administration and Urban Development Minister K.T. Rama Rao.

High rise towers will come up at Neopolis Kokapet. The layout development is proposed with seamless connectivity to the Outer Ring Road (ORR) by construction of Trumpet Interchange at Kokapet layout and additional entry and exit to the ORR at Narsingi.

Hyderabad Metropolitan Development Authority (HMDA) and the Telangana State Industrial Infrastructure Corporation (TSIIC) will be auctioning their plots at Kokapet on July 15-16. A total of 13 land parcels spread over 64.93 acres will be auctioned on behalf of the state government. The government has fixed the price at Rs 25 crore per acre.

Principal Secretary, Municipal Administration and Urban Development, Arvind Kumar had told representatives of real estate companies and developers at the pre-bid meeting conducted for the e-auction late last month that Neopolis Kokapet will be a role model for the entire country.

The land can be used for setting up office spaces, commercial complexes, recreational purposes and residential use. There will be no zonal restrictions.