The State government reaped a rich harvest in the land auctions in Kokapet and Manikonda areas in Cyberabad, reflecting that the land prices have not fallen.
Aurobindo Pharma picked up five acres in Rayadurg spending Rs. 29.28 crore per acre in the e-auction conducted by the Telangana State Industrial Infrastructure Corporation (TSIIC) on Wednesday. The same company purchased another 3.65 acres piece in the same area at Rs. 24.88 crore. Similarly, some other companies purchased lands ranging from Rs. 22.02 crore to Rs. 24.20 crore per acre.
A statement from the Chief Ministers Office said that companies never picked up land at such high rates, indicating that the real estate prices have come down in recent times. It said that even when real estate boom was high in 2007-08, the same lands were sold at Rs. 18 crore to Rs. 23 crore per acre.
In Manikonda and Kokapet area that are predominantly residential areas, several companies purchased land with prices ranging from Rs. 6.05 crore to Rs. 12.63 crore.
