Raidurg auction sets record with ₹269 crore per acre
An acre of land in Raidurg recently sold for a record-breaking ₹269 crore at an auction organized by the Telangana Industrial Infrastructure Corporation (TGIIC). This sale resulted in a total of ₹1,447.22 crore for the corporation, generated through the auction of a 5.38-acre plot. The TGIIC previously sold 5.25 acres of land in Plot P1 for ₹1,386 crore, or ₹264 crore per acre, in the preceding week.
Collectively, the two auctions yielded an average price of about ₹266.53 crore per acre, which was 52.3% higher than the reserve price. Overall, TGIIC raised ₹2,833.22 crore from the sale of two plots encompassing 10.63 acres in Raidurg, reflecting robust investor interest in commercial land situated strategically in Hyderabad. The corporation attributed the success to favorable government policies and ongoing infrastructure development.
TGIIC Vice-Chairman and Managing Director K. Shashanka emphasized that the exceptional realizations underscored the market's confidence in Hyderabad's long-term growth potential, backed by the city’s expanding business ecosystem and improved infrastructure connectivity.
Written by urgent.news from The Hindu's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
