HYDERABAD: A record was set in Hyderabad on Monday with the auction of a 7.67-acre plot in Raidurg’s Knowledge City for an extraordinary Rs 177 crore per acre, marking the city’s most expensive real estate deal. Another 11-acre plot fetched Rs 141.5 crore per acre, totaling nearly Rs 3,000 crore (approximately) for the Telangana State Industrial Infrastructure Corporation (TGIIC), which conducted the auction.
The previous high for Greater Hyderabad was in 2023, when a 3.6-acre land parcel in the prestigious Neopolis area of Kokapet was sold for Rs 100.75 crore per acre by the Hyderabad Metropolitan Development Authority (HMDA).
Interestingly, the highest bid at the earlier 2017 auction in Raidurg, during the BRS regime, was Rs 42.59 crore per acre, with Gowra Ventures purchasing 2.84 acres for Rs 130 crore.
While the successful bidders from Monday’s auction have not been officially confirmed, sources indicate that pharma giant MSN Labs secured the 7.67-acre plot for approximately Rs 1,357 crore and Bengaluru-based Prestige Group acquired the second plot for around Rs 1,556 crore.
Official reactions to the high bids—set against an upset price of Rs 101 crore per acre—suggest a positive outlook for Hyderabad’s real estate sector, which has been experiencing a slowdown. “The record bid of Rs 177 crore per acre signifies the strong confidence that investors and developers have in the long-term potential of Hyderabad and the ‘Telangana Rising 2047’ narrative. It also underscores the state government’s vision under CM Revanth Reddy’s leadership,” stated K Shashanka, vice-chairman and managing director of TGIIC. He expressed pride in the enthusiastic response to the Raidurg auction as a remarkable milestone for Telangana.
According to sources, the e-auction garnered significant interest from leading national and regional developers, particularly due to the location’s prominence as an IT hub. The 470 acres of Knowledge City is home to over 100 companies, including major players like Apple and JP Morgan, benefiting from excellent metro connectivity, proximity to the Outer Ring Road, and Hyderabad airport.
The auctioned land is classified as multi-purpose, allowing for commercial, residential, recreational, hospitality, and entertainment applications without the need for land-use changes. TGIIC stated that successful bidders must accept the letter of award within one week and pay the full amount within 90 days. The government is optimistic that this auction will not only boost activity in the western corridor but also enhance real estate momentum throughout other areas of the city.
