Hyderabad, Oct 6 (IANS) Creating a new record in the real estate market in Hyderabad, an acre of government land was auctioned for a whopping Rs 177 crore.
The Telangana Industrial Infrastructure Corporation (TGIIC) set a new record in its latest auction of 7.67 acres at Raidurg, Hyderabad Knowledge City, setting a new benchmark for land value in Telangana.
Officials said that this is the highest-ever price per acre realised in any government-led auction in the state, surpassing the earlier Neopolis, Kokapet benchmark of Rs 100.75 crore per acre for 3.60 acres achieved in auctions conducted by Hyderabad Metropolitan Development Authority (HMDA) in 2023.
The government said the Raidurg auction drew exceptional participation from leading national and regional developers, demonstrating strong investor faith in Hyderabad’s sustained growth, transparency in the auction process. This also underscores the robust policy support from the government.
The auction was successfully managed by JLL India & MSTC as the auction partner, which acted as the exclusive transaction advisor to TGIIC, ensuring a transparent and competitive bidding process that maximised value realisation for the state.
“The overwhelming success of the Raidurg auction is a proud moment for Telangana. The record price of Rs 177 crore per acre reflects the strong confidence that investors and developers have in Hyderabad’s long-term potential and Telangana Rising-2047 story,” said K. Shashanka, VC & Managing Director, TGIIC.
He said it also reaffirms the State Government’s vision under the leadership of Chief Minister A. Revanth Reddy to create a transparent, business-friendly, and high-growth ecosystem. This result at Raidurg further strengthens Hyderabad’s position as one of India’s most attractive and competitive investment destinations, he said.
“Achieving Rs 177 crore per acre at Raidurg — nearly 75 per cent higher than the Rs 101 crore per acre benchmark at Neopolis — demonstrates Hyderabad’s exceptional market strength, robust investor sentiment, and the city’s evolution into a truly global business hub,” said a spokesman from JLL India.
–IANS
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