HYDERABAD: For the first time in the history, the auction of the famous Balapur laddu has crossed the seven figure mark.
It fetched a whopping Rs 10.32 lakh in the open auction held before the start of the centralised Ganesh idol immersion procession here on Sunday morning. Over 20 bidders took part in auctioning this year.
Balapur laddu auction for this year fetched Rs 10.32 lakh which is more than Rs 82,000 compared to last year. Kallem Madan Mohan Reddy made the highest bid to take possession of the auspicious laddu weighing 21 kg.
Over a half dozen participants made their bids up to Rs 10 lakh but the pace slowed down after the auctioning started going above Rs 10 lakh leaving only two competitors in the fray.
The auction of Balapur laddu is a practice being followed since 1994. Kolan Mohan Reddy won the first auction for Rs 450.
The auctioning amount has to be paid by successful bidder to the Balapur Ganesh Utsav Samiti before the next Ganesh immersion. The winner has to sign an affidavit for paying the auction amount.
The BGUS would utilise the auction money on various developmental activities in Balapur village.
The popularity of laddu is increasing with each passing year. Believed to bring good luck to the the winner, Balapur laddu has been the centre of attraction for the past two decades during Ganesh festivities.
There is a belief among the people that the sacred laddu brings good luck to the bidder who wins the auction.
Last year, the laddu fetched Rs 9.50 lakh and it was bagged by Singireddy Jaihind Reddy.
While MLA and former Hyderabad Mayor Teegala Krishna Reddy placed the highest bid in 2013 (Rs 9.26 lakh), P Govardhan Reddy managed to win the auction in 2012 (Rs 7.5 lakh) and Kolan Brothers bagged the laddu for Rs 5.45 lakh in 2011.