Hyderabad’s Raidurg Plots Auctioned For Record Rs 1,358 Cr; Rs 177 Cr Per Acre For Govt
Telangana government auctioned two prime plots in Hyderabad's IT corridor, Raidurg, for a combined Rs 2,914.5 crore.
Hyderabad, Oct 7 (PTI) A plot of 7.67 acres at Raidurg in Hyderabad's IT corridor was auctioned by the state government for Rs 1,358 crore at the rate of Rs 177 crore per acre, and this sets a new record in land value in Telangana, officials said on Tuesday.
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 Rs 1,556.5 crore at Rs 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 Rs 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.
(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)
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