An acre of land in Hyderabad has fetched Rs.29.28 crore to the Telangana government . The land was sold in an e-auction conducted on Wednesday. Popular Pharma company Aurobindo Pharma bought the prime land of five acres at the highest rate in Raidurgam area which close to the IT clusters of Hitec City and Gachibowli.
It also purchased another parcel of 3.65 acres in the same area at a price of Rs.24.88 crore per acre.Naya Infra purchased two acres of land in the same area at a price of Rs.24.20 crore per acre. Saimed Labs paid Rs.22.02 crore per acre for a three acre parcel. Officials said this broke all previous records. Even in 2007-8 where real estate was at all-time best the auction of government land in Raidurgam had only fetched Rs.18 crore to Rs.23 crore per acre.
The auction was conducted by Telangana State Industrial Infrastructure Corporation (TSIIC). The companies are planning to build world-class corporate headquarters. Most predicted real estate activity to start flourishing by December 2014, after the bifurcation of the State, but that did not happen.