Raidurg land auction fetches Rs 177 cr per acre

Hyderabad: Land auctions in Hyderabad hit a new record on Monday as a 7.67 acre plot was sold for a staggering Rs 177 crore per acre in Raidurg's Knowledge City — making the city's most expensive piece of real estate. The winning bid on another 11-acre land parcel, which went under the hammer at the same location, touched Rs 141.5 crore per acre, bringing close to Rs 3,000 crore (approximately) into the coffers of the Telangana State Industrial Infrastructure Corporation (TGIIC) that conducted the auction.

The previous highest bid within Greater Hyderabad was recorded in 2023. A 3.6 acre land parcel in the elite Neopolis layout in Kokapet was auctioned by the Hyderabad Metropolitan Development Authority (HMDA) for Rs 100.75 crore per acre.

Incidentally, the highest bidding amount at the last auction in Raidurg, held during the BRS regime in 2017, was Rs 42.59 crore per acre. The winning bid went to Gowra Ventures, which picked up 2.84 acres for Rs 130 crore.

While there was no official confirmation about the successful bidders in Monday's auction, sources said that the 7.67 acre plot was bought by pharma major MSN Labs for Rs 1,357 crore (approx). The second plot was picked up by Bengaluru-based developer, Prestige Group, for Rs 1,556 crore (approx).

Reacting to the high-value auction — the govt had set an upset price of Rs 101 crore per acre — officials said that it sent out a positive signal about the revival of Hyderabad's real estate sector that's been wading through a slowdown in recent times.

"The record Rs 177 crore per acre bid reflects the strong confidence that investors and developers have in Hyderabad's long-term potential and the ‘Telangana Rising 2047' story. It also affirms the state govt's vision under the leadership of CM Revanth Reddy," said K Shashanka, vice-chairman and managing director of TGIIC. He added that the overwhelming response to the Raidurg auction was a proud moment for Telangana.

According to sources, the e-auction received tremendous traction from leading national and regional developers — especially given the location of the plots, a major IT hub. In fact, the 470 acres of Knowledge City are home to over 100 companies, including giants such as Apple and JP Morgan, among others. Its USPs: good metro connectivity, proximity to the Outer Ring Road, and Hyderabad airport.

The auctioned land is also earmarked as multi-purpose, which means it can be used for commercial, residential, recreational, hospitality and entertainment purposes without any change in land use. The TGIIC has said that the successful bidders have to accept the letter of award within one week and pay the entire amount within 90 days. The govt is hopeful that this auction will not just further add to the momentum in the western corridor, but also help real estate in the other three corners of the city pick up pace.