Telangana raises ₹2,729 cr through land auction in Hyderabad

Telangana Government has raised ₹2,729 crore through auction of 65 acres of Government lands undertaken by Hyderabad Metropolitan Development Authority and Telangana State Industrial Infrastructure Corporation (TSIIC).

While the 50 acres land offered by HMDA at Neopolis layout in Kokapet abutting Financial District in Hyderabad, saw bids worth ₹2,000 crore, the auction taken up by Telangana State Industrial Infrastructure Corporation (TSIIC) on Saturday of 14.91 acres at Khanamet Village near Hitex/HICC, abutting Hitec City realised ₹729.41.

Significantly, while the upset bid amount or the first batch of 50 acres was ₹25 crore per acre, the bids ranged from ₹31.2 per acre to ₹60.2 per acre with a weighted average bid amount of ₹40.05 crore per acre in the first auction of 50 acres.

In the second lot of 15 acres, the bids ranged from ₹43.60 crore per acre with weighted average bid amount of ₹48.92 crores per acre.

The auction was conducted online on the MSTC platform. The minimum bid amount was kept at ₹25 crore/acre with minimum bid increment of ₹20 lakh or its multiples per acre.

The Hyderabad realty continues to buck the slowdown trend. The tremendous response reflects the steady growth and development of Hyderabad, according to Jayesh Ranjan, Principal Secretary Industries and IT, Telangana.