HYDERABAD: Vamsiram Builders bid a record Rs 269 crore per acre for a 5.38-acre land parcel in the Knowledge City layout at Raidurg Panmaktha in Serilingampally at the e-auction conducted by the Telangana Industrial Infrastructure Corporation (TGIIC) on Friday.
The firm bid a total of Rs 1,447.22 crore for plot (P2), in Survey No. 83/1 measuring 26,023.78 sq yd. This surpassed last week’s record bid for Plot P1 in the same layout. The 5.25-acre P1 plot, auctioned on August 21, fetched Rs 264 crore per acre, with the total value working out to Rs 1,386 crore.
Together, the two auctions have generated Rs 2,833.22 crore from 10.63 acres, with an average realisation of Rs 266.53 crore per acre. TGIIC has already received 25% of the auction value of Plot P1 as the first-stage payment.
Friday’s auction saw competitive bidding from developers, with the final price reaching Rs 269 crore per acre, about 53% above the upset price of Rs 175 crore per acre. The bid increment was fixed at Rs 1 crore per acre or multiples thereof.
The plots are located in the Raidurg IT and commercial corridor and offer unlimited FSI, multi-use zoning and road connectivity. They are ready for immediate construction, with no change of land use required, while approvals can be obtained through the single-window system.
Officials said the Rs 269 crore per acre realisation was the highest achieved in a recent government land auction in Hyderabad.
The auction was conducted through the MSTC e-auction platform, with JLL as the transaction adviser. “Today’s auction reflects strong demand for strategically located land in Raidurg,” TGIIC VC&MD K Shashanka said.