Raidurg plot fetches ₹269 crore; paperwork waits
TGIIC says Plot P2 drew a record bid for the Raidurg auction series. The reported proceeds are impressive. Whether the sale is formally complete is less clear.
The reported Raidurg bid is in; formal confirmation remains pending.
Analysis | Business
Hyderabad’s Raidurg land has produced a ₹269-crore-per-acre bid, because apparently the city’s next growth story is measured in acres and commas. Telangana Industrial Infrastructure Corporation Limited (TGIIC) said its 5.38-acre Plot P2 at Raidurg Panmaktha drew a reported bid of ₹1,447.22 crore. The figure works: ₹269 crore multiplied by 5.38 acres is ₹1,447.22 crore. (UNI)
Together with Plot P1, which reportedly fetched ₹264 crore an acre and about ₹1,386 crore, the two auctions covered 10.63 acres and produced reported proceeds of ₹2,833.22 crore — not ₹2,883.22 crore, as one report incorrectly stated. TGIIC said the auctions used MSTC’s e-auction platform, with JLL as transaction adviser. (UNI)
TGIIC’s K Shashanka called the result an endorsement of investor confidence in Hyderabad and Telangana. That is a reasonable reading of what bidders paid for these plots, not proof of every larger claim about the city’s property market. A report identified Vamsiram Builders as the P2 bidder, but no official result document confirming the bidder, payment or sale completion was found. (Times of India)
The timing also comes with a legal footnote: the Telangana High Court sought the state government’s response to a petition alleging that the land falls within a heritage precinct. The government has not publicly clarified whether the P2 bid was formally confirmed or whether third-party rights were created. (Times of India)