SOURCE :- SIASAT NEWS
Hyderabad: The Telangana government has begun the process of taking back 3.70 acres of prime land in Raidurg, valued at around Rs 600 crore, that was handed over free of cost to the International Arbitration and Mediation Centre (IAMC) by the previous Bharat Rashtra Samithi (BRS) government, after the Supreme Court upheld the cancellation of the allotment.
The Telangana Industrial Infrastructure Corporation (TGIIC), which is the custodian of land in Raidurg and Knowledge City, has already started the process of resuming the parcel and will send its report to the government for further directions, sources said.
The state government cancelled the allotment last year, and the Supreme Court subsequently upheld the decision. Formal resumption orders are expected soon. “Official resumption orders will be issued cancelling the earlier land allotment GO based on the SC judgement soon,” sources in TGIIC said.
The land, in survey No. 83/1 of Raidurg Panmakta village, was allotted to IAMC in 2021 without market value being charged. The BRS government also gave the IAMC Rs 3 crore in financial assistance in 2022. The centre currently functions out of a private facility in the Financial District. Former Chief Justice of India NV Ramana had played a central role in setting up the IAMC in Hyderabad.
Prime Knowledge City corridor
The plot falls within the Knowledge City corridor, among the most sought-after commercial land markets in the country, where TGIIC has auctioned nearly 40 acres over the past two years. Close to 10 acres of litigation-free land reportedly remain in the same survey number, including the resumed parcel, and could go up for auction in future.
TGIIC previously secured a record Rs 264 crore per acre for a one-acre plot in the same survey number, and officials expect future auctions in the area to fetch at least Rs 200 crore per acre.
Alternative site offered
Despite the cancellation, Chief Minister A Revanth Reddy is reportedly open to allotting the IAMC land at an alternative location if a fresh proposal is submitted. “Since the allotment was cancelled by the court as the land was allotted free of cost, now the land will be allotted as per the market rate, which is very less compared to Raidurg,” an industries department official was quoted by The Times of India.
While the government value of land in Raidurg is around Rs 24 crore per acre, land in the proposed Future City area is valued at roughly Rs 1 crore per acre.
SOURCE : SIASAT
