Hyderabad: An acre of land at Khanamet village near Hitec City was sold for Rs 29 crore per acre in an e-auction by the TS Industrial Infrastructure Corporation on Thursday. Kun Motors managing director managing director Gautham Reddy purchased two acres at Khanamet for Rs 58 crore.
Corporation vice-chairman and managing director E.V. Narsimha Reddy told this newspaper that Phase-II auctions had got good response from industrialists.
“We had expected Rs 16.2 crore per acre based on the previous auction. Today when the auction started online. we expected a maximum of Rs 20 crore per acre. The response is beyond our estimations,” he said.
A 920-square yard of land at Shaikpet was auctioned for Rs 7 crore. This translates into Rs 76,200 a square yard. A parcel of land in the IT corridor was sold at Rs 18.2 crore.
Mr Narsimha Reddy said that about 113 acres was readied in second phase auctions and nearly 33 acres were auctioned. “The remaining land will be auctioned soon,” he said. He said the Phase-I auctions in September last fetched Rs 29.2 crore per acre.
Since the last auction, the TSIIC has adopted the e-auction system which the government has made mandatory for all the departments. “There will no scope for corruption,” he said.
