HYDERABAD: Two years ago, the Hyderabad Metropolitan Development Authority (HMDA) made headlines by selling a one-acre plot in Neopolis Phase II in Kokapet for an astounding Rs 100.75 crore, which significantly impacted the real estate landscape in Hyderabad.
Currently, the Telangana government aims to achieve a similar success with the auction of two land parcels totaling 18.67 acres in Raidurg Knowledge City. The Telangana State Industrial Infrastructure Corporation (TGIIC) has set an upset price of Rs 101 crore per acre for these prime plots located in Hyderabad’s bustling business and IT zone. This area houses over 100 companies across approximately 470 acres of Knowledge City.
The upset price serves as the minimum bid for the auction. The government anticipates the final selling price could soar between Rs 130 crore and Rs 150 crore per acre.
The e-auction for the two parcels—11 acres and 7.67 acres—will occur on October 6. Based on the upset price alone, the government expects to generate at least Rs 2,000 crore from the auction.
Official sources indicate that the Raidurg land auction will provide insights into the current state of the real estate market, particularly in Hyderabad’s western corridor. Experts suggest the sector has experienced a downturn in recent years. Timing the auction for Q4, typically seen as favorable for real estate investments, is a strategic move by the government.
“These land parcels are strategically located near major companies like Apple and JP Morgan, with excellent metro connectivity to Outer Ring Road and the airport. They are designated for multi-use development, allowing for commercial, residential, recreational, hospitality, and entertainment spaces without requiring a change in land use,” an official explained.
TGIIC has disclosed that successful bidders must accept the letter of award within a week and complete the full payment within 90 days.
