MSN Realty buys 5.25-acre Raidurg land parcel for record Rs 1,386 crore

A 5.25-acre land parcel in Hyderabad's Knowledge City in Raidurg fetched a record-breaking Rs 264 crore per acre in an e-auction conducted on Friday. MSN Realty secured the prime property with an overall bid of Rs 1,386 crore.

The e-auction was organized by the Telangana State Industrial Infrastructure Corporation (TGIIC). The winning bid marked a new high for the real estate corridor, surpassing the previous record of Rs 237 crore per acre set at the same site.

TGIIC had set a reserve price of Rs 175 crore per acre for the auction. The final bid reflected a 50.9 percent premium over the base price, exceeding expectations of government officials and market participants.

The response came despite concerns regarding the site. An official noted that there had been apprehension about bidder participation due to controversy surrounding heritage rocks covering the land parcel, but the final outcome proved overwhelming.

TGIIC is scheduled to hold another auction on August 28 for a second land parcel measuring approximately five acres within the same survey number, 83/1.