Hyderabad Land Auctions Soar to New Heights, Boosting Real Estate Confidence

Hyderabad: The Telangana State Industrial Infrastructure Corporation (TGIIC) has achieved a remarkable feat in the real estate sector, with the highest upset price of 101 crore per acre in the Raidurg Knowledge City land auctions. However, the excitement and nervousness among officials in the Chief Minister's Office (CMO) were palpable throughout the bidding process. The Raidurg land auctions were expected to set a benchmark for the real estate market in the city, and the results did not disappoint. On Monday, the auctions achieved a record-breaking price of 177 crore per acre, with just two land parcel auctions fetching the government about 3,000 crore.

Sources in TGIIC reported that 12 top bidders tried to secure the 7.67-acre plot (No. 15 A/2) in Raidurg, but MSN Realty eventually won the land at 177 crore per acre. The nearest bidder offered about 175.5 crore, sources said. The demand for the plot was higher due to its good dimensions and road width.

After the first auction for the 7.67-acre plot was completed, the second land parcel, about 11 acres (plot no. 19), was taken up. However, only five bidders showed interest. The successful bidder offered 141.5 crore per acre, while the nearest bidder offered 140.5 crore. In both cases, the difference between the successful and nearest bidders was just 1 crore to 1.5 crore.

Officials in TGIIC said that proper planning and efforts paid off. To avoid non-serious players and bidders, the state government stipulated that the bidding should be in 50 lakh multiples. This measure effectively deterred non-serious bidders and small developers. 'The plot and location have an advantage, and the government took every care, including the day and timing of starting the bidding process to the date of auction,' a TGIIC official said.

Some officials recalled that the HMDA recently held auctions for open plots in Bachupally, Nizampet, and other areas on inauspicious days, which led to unsuccessful outcomes. With Monday's successful land auctions, the TGIIC plans to hold more in the next couple of months in the western corridor of the city.

The success of these auctions is a clear indicator of the growing confidence in Hyderabad's real estate market. Developers and builders are now more optimistic about the future, which is expected to drive further investment and development in the region.