Land in Hyderabad bought for a record-breaking price

Hyderabad: In a recent e-auction conducted by the Telangana, an acre of land in Hyderabad was bought for a record-breaking price of INR 29.28 crore. Aurobindo Pharma has purchased a five acres of land for a whopping price in Raidurgam which is located close to the IT hubs like Hitec City and Gachibowli. Alongside, the same company has bought another 3.65 acres of land in the same area at a cost of INR 24.88 crore per acre.

Also, two acres of land in Raidurgam was bought by Naya Infra at a price of Rs 24.20 crore per acre. Saimed Labs purchased a three-acre land parcel at a price of INR 22.02 crore per acre.

According to the officials, this has broken all the past records. Even at the time of real estate boom in 2007-08, the auction of land in Raidurgam had managed to fetch only INR 18 crore to INR 23 crore per acre.

The companies that have bought a land in the recent auction conducted by the Telangana State Industrial Infrastructure Corporation (TSIIC), planned to develop world-class corporate headquarters.

Apart from it, the government also auctioned lands in Kokapet and Manikonda areas for residential purpose. These residential land prices also broke past records. A real estate firm has bought an acre of land in Manikonda for INR 12.63 crore. On the other hand, an acre land in Kokapet bought for INR 6.05 crore.

E. V. Narasimha Reddy, the managing director of Telangana State Industrial Infrastructure Corporation (TSIIC) said that to ensure transparency, the auction was conducted through e-auction cum e-tender process.