Rs 88,000 per yard at Raidurg in Hyderabad

While occupancy levels in Hyderabad are improving, the city’s land value too is skyrocketing, showing signs of a healthy real estate growth.

By   |   Published: 19th May 2017   1:38 am Updated: 19th May 2017   9:29 am
Hyderabad
Representational Image

Hyderabad: While occupancy levels in Hyderabad are improving, the city’s land value too is skyrocketing, showing signs of a healthy real estate growth. Thursday’s e-auction of two land parcels in Raidurg proves this.

Telangana State Industrial Infrastructure Corporation (TSIIC) which conductede-tender cum
e-auction on Thursday fetched the highest value ever at Rs 88,000 per square yard (upset price of Rs 60,500 per square yard) for a land parcel near Knowledge City in Raidurg. The 2.84-
acre plot was sold at around Rs 42.5 crore per acre. Another plot of 2.14 acre fetched Rs 29.33 crore per acre drawing Rs 60,600 per square yard. The TSIIC garnered around Rs 185 crore
from this auction, fourth such bidding since November 2015.

TSIIC managing director EV Narasimha Reddy told Telangana Today, “Out of the six plots that went for auction this time – three in Madhapur and three in Khanamet, two plots in
Raidurg (Madhapur) got bidders. We could get good value for these land parcels.”

“We are getting good response for e-auctions and are hopeful to close the deal for the remaining plots very soon. With the kind of locational advantage Raidurg offers, the bidders have gone for these land parcels. We will see similar patterns in future as well,” he said.

Six major land parcels totaling 15.43 acres had been identified by TSIIC earlier with a potential to generate a revenue of Rs 585 crore, which went for e-auction. MSTC, a Government of India enterprise, was roped in to carry out the e-auction. The previous highest value per square yard that the government earned was Rs 60,500 against the upset price of Rs 40,000 per square yard in Raidurg and Rs 59,000 per square yard (upset price Rs 34,000 per square yard) in
Khanamet. In the last bidding, land parcels in the IT corridor such as Gachibowli, Manikonda, Khanamet and Madinaguda were put up for auction along with Narsingi, Nizampet, Budvel, Khajaguda, Manchirevulavula
and Puppalguda.