Breaking all records, an acre of land in Hyderabad has fetched Rs.29.28 crore to the Telangana government in an e-auction conducted on Wednesday.
Aurobindo Pharma bought the prime land of five acres at the highest rate in Raidurgam close to the IT clusters of Hitec City and Gachibowli. The same company purchased another parcel of 3.65 acres in the same area at a price of Rs.24.88 crore per acre.
Naya Infra purchased two acres of land in Raidurgam at a price of Rs.24.20 crore per acre. Saimed Labs paid Rs.22.02 crore per acre for a three acre parcel.
Officials said this broke all previous records. Even during the boom time in 2007-08, the auction of government land in Raidurgam had only fetched Rs.18 crore to Rs.23 crore per acre.
The companies, which purchased the land in the auction conducted by Telangana State Industrial Infrastructure Corporation (TSIIC), plan to build world-class corporate headquarters.
The government body also auctioned lands in Manikonda and Kokapet areas for residential use. The price also broke previous records. A real estate company paid Rs.12.63 crore for an acre in Manikonda while an acre land in Kokapet fetched Rs.6.05 crore to the government.
TSIIC managing director E. V. Narasimha Reddy said that to ensure transparency, the auction was conducted through e-auction cum e-tender process.