The Telangana State Industrial Infrastructure Corporation has raised a record ₹185 crore from sale of two blocks of an aggregate 5.22 acres out of its land bank at the IT hub of Raidurg here.
Against the base price of ₹60,500 per sq yd in the first block of 2.38 acres, the highest bid was received from Gowra Real Estate for ₹88,000 per sq yd. In the second block of 2.84 acres, MSN Life offered ₹60,600 sq yd against the base price of ₹60,500 per sq yd.
The TSIIC’s latest sale of land parcels to raise funds for the State government fetched ₹42.59 crore per acre from the first block and ₹29.33 crore per acre from the second one.
Special Deputy Collector (Lands) G. Shiva Kumar said there were several participants for the first block where Gowra was the highest bidder.
“As of now, we do not know how they plan to use the land.” Gowra Srinivas of the diversified Gowra group said: “We decided to take the bold step as were are sure of the title of the lands with the seller being the government. We aim to develop a real estate project and to ensure continuity for the ongoing business. Securing a land with clear title these days is not that easy.”
