HYDERABAD: The Telangana Housing Board (TGHB) auctioned 7.8 acres of prime land in Kukatpally Housing Board Colony for Rs 547 crore on Wednesday, with Godrej Properties bagging the plot at a record Rs 70 crore per acre.
The three-hour e-auction saw participation from major firms including Aurobindo Realty, Prestige Estates and Ashoka Builders. Against a base price of Rs 40 crore per acre, competitive bidding drove the final value up, with Godrej emerging on top. Officials said the proceeds will be used for housing schemes for poor and middle-class families. KPHB Colony, located near Hitec City, has already become a hub for high-rises and commercial projects. The entry of Godrej is expected to further spur growth and investments, said TGHB MD VP Gowtham.
The government also earned another Rs 70.11 crore by allotting three incomplete towers under the Rajiv Swagruha Corporation at Pocharam and Gajularamaram. A total of 194 flats were allotted via lottery to NTPC Employees Association, Gayatri Education and Cultural Trust and FCI Employees Association.