IT corridor turns gold, Raidurg land fetches state Rs 42.6 crore/acre
Hyderabad: An acre of land in Raidurg, which is part of IT corridor, fetched an astonishing Rs 42.60 crore in the e-auction conducted on Thursday, breaking the previous record by a huge margin. The bids were opened late on Thursday.
The previous highest price quoted was Rs 29.2 crore per acre, which too was recorded in Raidurg in the auction conducted in November 2015.
The auction was conducted by TS Industrial Infrastructure Corporation. TSIIC officials said Aditya Gaurav Builders quoted Rs 42.60 crore per acre and won the bid for 3 acres.
Another land parcel of 2.5 acres in Raidurg went for Rs 29.33 crore per acre, which was bought by MSL Infra Ltd. The government earned a whopping Rs 185 crore through sale of these two land parcels alone.
The government had put up 6 plots admeasuring 15 acres for sale in auction, all located in the IT corridor. However, only two plots found buyers. The TSIIC will hold another round of auction soon for unsold plots.
The latest auction assumes significance in the backdrop of apprehensions over slump in real estate sector after demonetisation in November 2016.
“The record prices fetched in latest auction proved that the realty sector in the city has picked up after demonetisation and is poised for more growth in the coming days. The stable government headed by Chief Minister K. Chandrasekhar Rao and good law and order situation in state coupled with business-friendly atmosphere in the city contributed to real estate growth in city,” said TSIIC chairman Gyadari Balamallu.
