HYDERABAD: Two prime land parcels measuring 0.97 acres (4,700 sq yards) in Raidurg fetched ₹160 crore in a Telangana State Industrial Infrastructure Corporation (TSIIC) auction on Monday, reflecting the continued buoyancy in Hyderabad's property market.
Developers pay premium for prime inventory
The upset price was fixed at ₹3.10 lakh per sq yard, while the final bids pushed it up to ₹3.40 lakh four times the ₹88,000 per sq yard realised during the 2017 auction for the same area.
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Calling the auction a success, TSIIC vice chairman and managing director K Shashanka said, "The auction reinforces Hyderabad's reputation as a top tier investment destination where limited, high quality inventory attracts immense value realisation for the Telangana government."
He added that developers were "strategically investing at a premium to secure prime inventory in the city's most elastic and high-return business corridor."
Previous auctions fetched higher per-acre rates
Officials said Monday's winning bid was lower than the ₹177 crore per acre realised in October for a one-acre plot in Raidurg Panmaktha (Knowledge City). Another parcel then fetched ₹141.5 crore per acre. The latest two plots, separated by boulders, averaged ₹164.5 crore per acre.
Despite the slight dip, Shashanka said the results showed "the consistent high performance of recent auctions and the maturity of the city's economic growth."