TSIIC land auction of about 5.2 acres in IT hub of Hyderabad fetches Rs 185 crore

By | May 23, 2017

Auction of two land blocks of 2.84 acres and 2.38 acres in Raidurg in the IT hub of Hyderabad has helped TS Industrial Infrastructure Corporation raise Rs 185 crore.

As against the base price of Rs 60,500 per sq.yard, in the first block of 2.38 acres, the highest bid was that of Gowra Real Estate working out to Rs 88,000 per sq.yard.

In the second block as against the base price of Rs 60,500, MSN Life offered Rs 60,600 per sq yard.

The sale of land parcels is part of APIIC to raise funds by way of sale of lands. It helped raise Rs 185 crore, working out to about Rs 42.59 crore per acre. The second block has been offered at Rs 29.33 crore per acre.

G Shiva Kumar, Special Deputy Collector, Lands, told Business Line that the land parcels are located at Raidurg close to the T Hub. There were several participants for the first block where Gowra was the highest bidder. “As of now we do not know how they plan to use the land purchased in the auction,” he said.

Gowra Srinivas of the diversified Gowra Group, said, “We decided to take the bold step as we are sure of the title of the lands with the seller being Government. The land is aimed at developing a real estate project and to ensure continuity for the ongoing business. Securing a land with clear title these days is not that easy.”

The TSIIC had come out with auction of lands in at least six land block in different locations under its fold in the IT hub of Hyderabad. However, of the six blocks, these two blocks had good response and finally got auctioned.

With the Hyderabad reality gradually coming out of a long slowdown phase, it has begun to see fresh momentum and investments.

Source: Business Line