Gulte Movie News And Politics
Land prices in Hyderabad’s Raidurg area have reached a new high. In a government auction, MSN Realty bought 5.25 acres of land at a stunning price of 264 crore per acre. The deal has helped the government raise more than Rs 1,500 crore.
The land is located in Pan Maktha under survey number 83/1. The Telangana Industrial Infrastructure Corporation decided to auction the 5.25 acre parcel after getting approval from the government. Several companies participated in the auction before MSN Realty emerged as the highest bidder.
The auction also became a matter of legal suspense. Advocate Pranaya Narasimha Reddy approached the Supreme Court seeking a stay on the auction. As the hearing was scheduled for Friday, the auction process was initially kept on hold.
However, the Supreme Court dismissed the petition and said that the matter could be taken up before the Telangana High Court. Following the decision, TGIIC went ahead with the auction and completed the process.
Raidurg has already been witnessing record breaking land prices. In May this year, the government sold around 12 acres in the same area for Rs 237 crore per acre. The latest deal at Rs 264 crore has now set a new benchmark.
The rising demand is being linked to the rapid development around the Future City region and Hyderabad’s expanding footprint. With major growth expected in and around the area, Raidurg land prices are continuing to attract huge interest from real estate companies.
