In a setback for IT companies that want to set up base in Hyderabad, sources say they shall no longer be allotted land at a subsidised rate.
Companies will have to purchase land at the existing market rate now. Sources tell CNBC-TV18 that the paucity of land in the outskirts of Hyderabad is the reason behind the move.
Moreover, in case there is an application by multiple companies then an open auction will be conducted.
The new policy is likely to come into effect for the Shamshabad IT-park as well, where the existing market rate is at between Rs 10-15 crore per acre.
Source: Money control