Telangana govt sells less than an acre land in Hyderabad for ₹160.42 crore in state record
The Telangana government on Monday sold less than an acre of land at Raidurg in Hyderabad’s Knowledge City district. ₹160.42 crore, hitting a new high in land prices in the state and placing the southern city at the center of India’s commercial real estate boom.
Well-known Hyderabad-based developer Vamsiram Builders has developed a total of 0.97 acres of land. ₹172.45 crore including stamp duty and registration. The land parcel will be used for a world-class mixed-use development project.
This land auction in Hyderabad’s Knowledge City Scheme shows the state’s continued drive to monetize high-value land in the face of growing investor demand in the city’s western corridor. The auction was conducted by Telangana Industrial Infrastructure Corporation (TGIIC).
Premium demand increases prices
Hyderabad has witnessed several high-value land tenders in recent weeks. In October, Bengaluru’s Prestige Group purchased an 11-acre plot of land through TGIIC auction. ₹1,556.5 crore, approx. ₹141.5 crore per acre. In the same month, MSN Labs acquired 7.76 acres of land in Raidurg. ₹177.7 crore per acre.
Monday’s land auction was held on a per square meter basis and sold for: ₹3,40,000 per square metre. In the auction previously held on a square meter basis in 2017, ₹88,000 per square meter represents a fourfold increase in the value of prime land in the last eight years. It is a unit of measurement equivalent to 4,840 square meters for one acre of land.
“The consistent high performance of these auctions, particularly suited to boutique multi-use development, demonstrates the extraordinary depth and maturity of Hyderabad’s economic growth. Developers are strategically investing highly to secure world-class inventory in the city’s most elastic and high-yield business corridor,” said K. Shashanka, vice president and managing director of TGIIC.
Mint Vamsiram Builders could not immediately be reached. JLL was TGIIC’s special transaction advisor.
“The result of this tender is ₹3.4 lakh per sq ft confirms the market’s specific need for premium, smaller format land parcels suitable for niche commercial developments. Realization of this value underscores Hyderabad’s status as a top investment destination and its growing importance as a global hub for business,” said Sandip Patnaik, senior managing director of real estate consultancy JLL, Hyderabad, India. Mint.
