Hyderabad land auction sets record as Raidurg parcel fetches Rs 264 crore per acre

HYDERABAD: A 5.25-acre land parcel in the Knowledge City layout at Raidurg Panmaktha, Serilingampally, fetched a record Rs 264 crore per acre in the e-auction conducted by the Telangana Industrial Infrastructure Corporation (TGIIC) on Friday.

Key points

• The parcel, measuring 25, 414.32 square yards and identified as plot number P1 in Survey No.
• TGIIC had fixed a minimum upset cost of Rs 175 crore per acre, with an increment bid of Rs 1 crore per acre or a multiple thereof.
• TGIIC vice-chairman and managing director K Shashanka remarked the successful auction of the P1 plot reflected robust confidence in Telangana's future.
• The bid followed intense competition among prominent national-level developers, with MSN Realty emerging as the successful bidder.
• That investor interest is projected to continue with the next auction.

Notably, the parcel, measuring 25, 414.32 square yards and identified as plot number P1 in Survey No. 83/1, fetched approximately Rs 1, 386 crore in total. The final cost was almost 51% above the upset cost and surpassed the Rs 237 crore per acre fetched in an auction held in the same layout in May this year.

For context, the bid followed intense competition among prominent national-level developers, with MSN Realty emerging as the successful bidder. Authorities stated the cost was the highest achieved in a recent land auction conducted by a administration agency in Hyderabad.

TGIIC had fixed a minimum upset cost of Rs 175 crore per acre, with an increment bid of Rs 1 crore per acre or a multiple thereof. The plots were put up for e-auction through MSTC Limited, a Administration of India Enterprise, with an Earnest Capital Deposit (EMD) of Rs 10 crore per plot.

TGIIC vice-chairman and managing director K Shashanka remarked the successful auction of the P1 plot reflected robust confidence in Telangana's future. "This is not merely regarding achieving a high rate for a parcel of land. It is recognition of Telangana's development model. It emphasises transparency, world-class infrastructure and an investor-friendly environment, " he remarked, adding that the auction once again demonstrated Hyderabad's emergence as a major international business and investment destination.

That investor interest is projected to continue with the next auction. Another prime land parcel measuring 5.38 acres (26, 023.78 square yards, plot number P2) in Survey No 83/1 at Raidurg Panmaktha is scheduled to be auctioned shortly. Authorities stated bids could cross Rs 264 crore per acre.

Taken together, the developments around hyderabad land auction sets record as Raidurg parcel fetches Rs 264 crore point to a situation that is still moving, and the coming days should bring more clarity.