Land auction conducted in Hyderabad fetches ₹177 crore per acre to govt

A plot of 7.67 acres at Raidurg in Hyderabad's IT corridor was auctioned by the state government for ₹1,358 crore at the rate of ₹177 crore per acre

A plot of 7.67 acres at Raidurg in Hyderabad's IT corridor was auctioned by the state government for ₹1,358 crore at the rate of ₹177 crore per acre, and this sets a new record in land value in Telangana, officials said on October 7, PTI reported.

A plot of 7.67 acres at Raidurg in Hyderabad's IT corridor was auctioned by the state government for ₹1,358 crore at the rate of ₹177 crore per acre, (Photo for representational purposes only) (Pixabay)

The auction, held by the Telangana Industrial Infrastructure Corporation (TGIIC), was participated in by 12 bidders.

Another 11-acre plot, also at Raidurg, raked in ₹1,556.5 crore at ₹141.5 cr per acre, "marking one of India's costliest land deals", with five bidders participating in the auction, an official release said.

In addition to the auction proceeds, these auctions held on Monday are expected to generate incidental revenue in the form of registration fee, stamp duty and others totalling up to ₹3,135 crore. The record-breaking auction underscores Raidurg's emergence as a premium destination in Hyderabad, with sky-high valuations reflecting massive investor confidence in the city's growth story, it said.

The strategic location of Raidurg in the city's IT corridor, coupled with seamless connectivity to HITEC City, has positioned these plots as benchmarking real estate for marquee commercial developments, the release said.

The "historic" auction reflects the transformative vision of Chief Minister A Revanth Reddy and Industries Minister D Sridhar Babu in building a transparent, investor-friendly Telangana, it said.

The landmark Raidurg deal further cements Hyderabad's dominance as a premier investment hub in the country, the release added.