4 days ago
TGIIC Sets Raidurg Land Record at Rs 269 Crore Acre
A Telangana government corporation sold a large piece of land in Raidurg, Hyderabad.
The 5.38-acre plot was sold for Rs 1,447.22 crore.
This means the buyer paid Rs 269 crore for each acre.
The price was 52.3% higher than the minimum price set for the auction.
It was also higher than the previous record of Rs 264 crore per acre.
That earlier record came from another Raidurg plot sold one week before.
Together, the two sales brought in Rs 2,833.22 crore.
TGIIC said the results showed strong interest in Hyderabad and confidence in Raidurg’s future as a business area.
The auctions were conducted online, with JLL advising TGIIC.
TGIIC sold the 5.38-acre Raidurg Plot P2 for Rs 1,447.22 crore.
Plot P2 fetched Rs 269 crore per acre, 52.3% above its reserve price.
The sale set a new Raidurg and Hyderabad land-price benchmark, exceeding Plot P1’s Rs 264 crore per acre.
Plot P1, auctioned a week earlier, generated Rs 1,386 crore, with 25% received as its first-stage payment.
Together, the two auctions raised Rs 2,833.22 crore from 10.63 acres at an average Rs 266.53 crore per acre.
- Who
- The Telangana Industrial Infrastructure Corporation conducted the auction, and Vamsiram Builders bought Plot P2.
- What
- A 5.38-acre Raidurg plot was sold for Rs 1,447.22 crore, or Rs 269 crore per acre.
- Where
- Raidurg, in Hyderabad’s business corridor in Telangana.
- When
- The Plot P2 auction took place on Friday, one week after the Plot P1 auction.
- Why
- TGIIC said the auction was part of Telangana’s land-monetisation efforts and reflected demand for strategically located land.
Key facts
- Plot sold
- Plot P2, measuring 5.38 acres
- Sale value
- Rs 1,447.22 crore
- Price per acre
- Rs 269 crore
- Premium over reserve price
- 52.3%
- Previous benchmark
- Rs 264 crore per acre for Plot P1, sold one week earlier
- Combined proceeds
- Rs 2,833.22 crore from 10.63 acres
- Combined average realisation
- Rs 266.53 crore per acre
- Auction process
- MSTC conducted the e-auction and JLL served as exclusive transaction adviser
Quotes
Government authorities
Representatives of the Telangana Congress government
“Today’s auction is a strong endorsement of investor confidence in Hyderabad and Telangana and the continued attractiveness of Raidurg as a premier business and investment destination. The exceptional realisations achieved demonstrate the strength of demand for strategically located land and the significant value that can be unlocked through transparent and competitive price discovery”
thehansindia.com
NDTV
deccanchronicle.com
“It shows how quickly the value of prime commercial land in Hyderabad is rising and strengthens Raidurg's position as one of India's most important business and investment corridors.”
NDTV
Sources
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