HYDERABAD: After months of lull in reality sector, the boom time started in Telangana state. There is a huge response to land auctions conducted through online by the TS Industrial Infrastructure Corporation (TSIIC) here on Wednesday.
Aurobindo Pharma purchased five acres land in Rayadurgam area at a record price of Rs 29.28 crore per acre. This is the highest ever price for a land offered after the formation of Telangana state.
The TSIIC issued e-tender-cum-auction notification for sale of lands in Rayadurgam, Kokapet and Manikonda areas on October 30.
On Wednesday, the e-auction was conducted from 12 noon to 3 pm. The lands in Rayadurgam are intended for commercial and other purposes, whereas Kokapet and Manikonda lands are for residential purposes.
Aurobindo pharma purchased five acres in Rayadurgam at a cost of Rs 29.28 crore per acre. The same Aurobindo purchased 3.65 acres at some other place in Rayadurgam at cost of Rs 24.88 crore per acre. Naya Infra company purchased two acres for Rs 24.2 crore per acre. Symed Labs purchased three acres at Rs 22.02 crore per acre.
When the real estate boom was at its peak in 2007-08, the APIIC conducted land auctions. The land rates offered then by various companies were between Rs 18 crore to Rs 23 crore per acre. Now, the land rates surpassed all-time record and even crossed the prices offered in 2007-08 considered boom period.
All these firms, which purchased lands on Wednesday would set up their corporate office in Rayadurgam.
Record prices were offered even for residential lands auctioned by the TSIIC on Wednesday. In Manikonda, Earth Papers purchased lands by offering Rs 12.63 crore per acre. In Kokapet, another company purchased land at Rs 6.05 crore per acre.
As per the directions of chief minister K Chandrasekhar Rao, the TSIIC conducted e-auction of lands for the first time. Those offered highest rates through online would be allocated lands, official sources said.
The entire tender process and allocation of lands as per the highest bids would be finalised automatically through online. Later, the TSIIC would give possession of the lands as per the online data basis, sources said.