Hyderabad: The Telangana government earned Rs. 729.41 crore by selling 14.91 acres of land at an e-auction held on Friday. The highest bid was for Rs. 55 crore per acre.

The Telangana State Industrial Infrastructure Corporation, on behalf of the Telangana government, auctioned the government land located at Khanamet village near Hitex.

The auction was conducted online on MSTC, a Central government platform. The minimum bid amount was Rs. 25 crore per acre with a minimum bid increment of Rs. 20 lakh or its multiples per acre. However, the bids ranged from Rs. 43.60 crore per acre with weighted average bid amount of Rs. 48.92 crore per acre.

The final bid of Rs. 55 crore per acre for 2.92 acres was the highest. Overall, a total of Rs. 729.41 crore was generated through the auction. Linkwell Telesystems bought 3.14 acres of land for Rs. 153.09 crore and another two acres for Rs. 92.40 crore while Uptown Life Projects bought 3.15 acres for Rs. 137.34 crore and GVPR Engineers bought 3.69 acres for Rs. 185.98 crore.

"The tremendous response reflects the steady growth and development of Hyderabad and reassures, and strengthens the stability and the positive growth established over the last seven years in the city," said Jayesh Ranjan, the principal secretary, Telangana.

Earlier on Thursday, the Telangana government had earned Rs. 2,000.37 crore by selling 49.949 acres of land at Neopolis Layout in Kokapet. The Hyderabad Metropolitan Development Authority (HMDA), on behalf of the state government, had auctioned the land.

A single plot in the Golden Mile layout was sold at Rs 60.2 crore as against the upset price of Rs 25 crore. Its proud owner is now Rajapushpa Realty LLP. Another plot measuring 1.65 acre fetched Rs 99. Rajapushpa Properties also bagged 7.755 acre of another land parcel for Rs 328.21 crore. Each acre was sold at Rs 42.40 crore.

A total of 60 people, who paid an earnest money deposit (EMD) of Rs 5 crore, participated in the bidding. The average bid that was realized during the e-bidding was Rs 40.05 crore per acre. The minimum bid was Rs 31.2 crore per acre.

MSN Laboratories, bagged 7.721 acres at Rs 42.2 crore per acre for Rs 325.83 crore. Aqua Space Developers of the MyHome Group purchased 7.738 acres for Rs 281.66 crore at the rate of Rs 36.40 crore per acre. It has bagged another land parcel of 8.946 acres for Rs 350.68 crore at Rs 39.20 crore per acre.

Varsity Education Management, which is owned by leading educational group Sri Chaitanya, bagged 7.575 acres for Rs 296.94 crore at the rate of Rs 39.20 crore per acre. Prestige Estates Projects bought 7.564 acres for Rs 285.92 crore, paying Rs 37.80 crore per acre. Hyma Developers purchased one acre for Rs 31.20 crore.

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