Raidurg land may cross ₹250 crore an acre
HYDERABAD: Raidurg, one of Hyderabad’s prominent IT corridor locations, could once again make headlines if bids for two premium land parcels cross ₹250 crore an acre.
The area had earlier stunned the country when an acre fetched ₹237 crore. The government is now putting two more plots in the same location up for auction this month.
Opposite ITC Kohenur, a total of 10.63 acres in Survey No. 83/1 has been offered for sale. At an auction held in May this year, the minimum price for land in the area was fixed at ₹139 crore an acre.
As bidders secured land at prices higher than the government’s expectations, the Telangana State Industrial Infrastructure Corporation (TGIIC) has raised the minimum price to ₹175 crore an acre this time.
The demand for Grade-A office space in Raidurg has increased as international companies continue to set up global capability centres in Hyderabad. The government expects strong demand for the land.
Major realty firms attend pre-bid meeting
Several major real estate companies attended a pre-bid meeting held at T-Hub on Friday. Officials said the participants included Brigade, Sumadhura, Gaur Ventures, RM, Vamsiram, Sattva, Ace Urban, L&T Realty, Hetero, Tridasa, Shobha, Kalpataru, Ramky, Godrej and MSN.
Officials said the number of companies showing interest had increased compared with previous auctions.
As the two plots are located next to each other, a single company could potentially bid for both by offering a higher overall amount. With several companies showing interest in the Raidurg land, the government expects the price to cross ₹250 crore an acre.
It estimates that the auctions could generate more than ₹2,500 crore.
TGIIC says auction follows applicable rules
An e-auction for Plot 1, measuring 5.25 acres, is scheduled for the 21st of this month, while Plot 2, measuring 5.38 acres, will go under the hammer on the 28th.
Environmentalists have argued that the land falls within an area declared a heritage zone. TGIIC has rejected the contention.
The corporation said the Hyderabad Metropolitan Development Authority had considered the Durgam Cheruvu buffer zone and guidelines relating to heritage rock formations before granting layout approvals.
TGIIC said permission for the auctions was granted in accordance with the applicable regulations.
Meanwhile, environmentalist Dr Ravindranath Suri has approached the Telangana High Court seeking a stay on the auction.
