Hyderabad land auction sets record amid High Court inquiry

A recent e-auction of prime multi-use land in Hyderabad's Raidurg IT corridor has set a new real estate record. The Telangana Industrial Infrastructure Corporation (TGIIC) auctioned 5.25 acres of land, with one acre fetching Rs 264 crore. This price represents a 50.9 per cent premium over the reserve price and surpasses the previous record of Rs 237 crore per acre set in May. The total revenue generated from the auction amounted to Rs 1,386 crore.

Parallel to the commercial success, the Telangana High Court has intervened regarding the auction of plots in the Raidurg area. The court has directed the state government and the Hyderabad Metropolitan Development Authority (HMDA) to file an affidavit addressing concerns that the plots in Survey No. 83/1 at Panmaktha may be too close to natural rock formations and a designated heritage precinct.

While the government has submitted maps and photographs to argue that the plots are outside the protected 50-metre buffer zone, the court has adjourned the matter for two weeks to review the precise boundaries and the potential impact on local heritage sites.