New Delhi [India], October 7 (ANI): The Telangana government has achieved a benchmark in India's real estate sector, with the second parcel of land at Raidurg fetching around Rs 1,556 crore in an auction held on Monday.

This takes the total revenue from two parcels of land to nearly Rs 3,135 crore, marking one of the biggest auctions in Hyderabad's history.

According to a press release, the Telangana Government, through the Telangana State Industrial Infrastructure Corporation (TGIIC), conducted the auction for two land parcels in Raidurg, located within Hyderabad Knowledge City.

The second parcel, an 11-acre plot, recorded a winning bid of Rs 141.5 crore per acre, totalling Rs 1,556.5 crore with participation from five bidders. Earlier in the day, the first parcel, measuring 7.67 acres, fetched Rs 1,358 crore, translating to approximately Rs 177 crore per acre, following competition among 12 bidders.

The release stated that, apart from the auction proceeds, the state will also earn additional income through registration fees and stamp duties, bringing the total estimated revenue to Rs. 3,135 crore. The land parcels, situated near HITEC City and Gachibowli, are among the most sought-after commercial zones in Hyderabad.

The auction's outcome, according to the press release, reflects Hyderabad's growing appeal as a key investment hub and highlights the city's rapid expansion as a business and technology centre. The Raidurg plots, part of the larger Hyderabad Knowledge City project, are expected to host major commercial developments that will further boost the region's infrastructure and employment prospects.

The Telangana Government credited the success to its transparent and investor-friendly approach. The statement also highlighted the leadership of Chief Minister A. Revanth Reddy and Industries Minister D Sridhar Babu for shaping policies that attract large-scale investments into the state.

The Vice Chairman and Managing Director of TGIIC expressed gratitude to the government for entrusting the corporation with this landmark auction. He thanked all the bidders for their participation and faith in Telangana's growth story. He also appreciated the work of the TGIIC team, along with JLL and MSTC, for the smooth and transparent conduct of the auction. (ANI)