Land costs in Hyderabad’s Raidurg space have reached a brand new excessive. In a authorities public sale, MSN Realty purchased 5.25 acres of land at a surprising value of 264 crore per acre. The deal has helped the federal government elevate greater than Rs 1,500 crore.
The land is positioned in Pan Maktha underneath survey quantity 83/1. The Telangana Industrial Infrastructure Company determined to public sale the 5.25 acre parcel after getting approval from the federal government. A number of corporations participated within the public sale earlier than MSN Realty emerged as the best bidder.
The public sale additionally turned a matter of authorized suspense. Advocate Pranaya Narasimha Reddy approached the Supreme Courtroom looking for a keep on the public sale. Because the listening to was scheduled for Friday, the public sale course of was initially stored on maintain.
Nonetheless, the Supreme Courtroom dismissed the petition and stated that the matter may very well be taken up earlier than the Telangana Excessive Courtroom. Following the choice, TGIIC went forward with the public sale and accomplished the method.
Raidurg has already been witnessing file breaking land costs. In Might this 12 months, the federal government offered round 12 acres in the identical space for Rs 237 crore per acre. The newest deal at Rs 264 crore has now set a brand new benchmark.
The rising demand is being linked to the speedy growth across the Future Metropolis area and Hyderabad’s increasing footprint. With main progress anticipated in and across the space, Raidurg land costs are persevering with to draw enormous curiosity from actual property corporations.
