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TGIIC’s e-auction of Plot No. P1 at Raidurg fetched a record Rs. 264 crore per acre, generating Rs 1,386 crore from 5.25 acres. The bid marked a 50.9 percent premium over the reserve price and underscored the rising demand for prime land in Hyderabad.

The Telangana government is weighing the option of withdrawing deposits and discontinuing services with the State Bank of India after the bank challenged the Raidurg land auction in the High Court. The dispute centres on five acres originally allotted to the erstwhile State Bank of Hyderabad, with the court staying further proceedings.

With the deferment of the RFP, further developments on the project are currently on hold.

The Development Centre was formally launched on Tuesday with 350 employees working in a sprawling one lakh square feet office.