Hans news service

Hyderabad:Selling government land in e-auction for record prices is fine as long as the seller has clear title to the entire parcel sold. That precisely seems to be in question with regard to a portion of the land parcel that the Telangana government auctioned on May 28. The land parcel in question is located in Survey No. 83/1 at Knowledge City in the Raidurgam area.

It was hailed as “a landmark e-auction” as the 6.29-acre plot surpassed the Rs 170 cr/acre base price to fetch a historic Rs 237 crore per acre (won by Gowra Ventures), setting a new South India real estate benchmark. The total transaction value was put at Rs 1,490.73 crore (70.5% above the reserve price). The auction drew significant attention in real estate and government circles.

Subsequently, the State Bank of India (SBI) approached the High Court claiming ownership rights over a portion of the land. The Bank claims that a 5-acre portion of the auctioned land is tied to significant loan defaults and debt recovery proceedings. So, the bank has requested the High Court to halt or review the auction proceedings. The petition seeks appropriate directions from the court regarding ownership and rights over the disputed property.