Hyderabad: The Telangana govt has decided to take back 3.70 acres of prime land in Raidurg area, valued at around Rs 600 crore, which was allotted free of cost to the International Arbitration and Mediation Centre (IAMC) by the previous BRS govt, following the Supreme Court’s upholding of the allotment’s cancellation.Sources said the Telangana Industrial Infrastructure Corporation (TGIIC), custodian of the Raidurg and Knowledge City lands, has already initiated the process of resuming the land and will report to the govt for further directions. The move comes after the state govt cancelled the allotment last year, a decision that was subsequently upheld by the Supreme Court.According to sources, formal orders are expected shortly. “Official resumption orders will be issued cancelling the earlier land allotment GO based on the SC judgement soon,” sources in TGIIC said.The 3.70 acre parcel in survey No. 83/1 of Raidurg Panmakta village was allotted to IAMC in 2021 without charging market value. The then BRS govt had also sanctioned Rs 3 crore as financial assistance to the IAMC in 2022. The IAMC, however, currently operates from a private facility in Financial District. Former Chief Justice of India NV Ramana had played a key role in establishing the IAMC in Hyderabad.The resumed land is in the highly sought-after Knowledge City corridor, where TGIIC has sold nearly 40 acres over the past two years through auctions. Officials said around 10 acres of litigation-free land remain in the survey number, including the resumed parcel, and could be auctioned in future.The area has emerged as one of the most expensive commercial land markets in the country. TGIIC previously fetched a record Rs 264 crore per acre for a one-acre plot in the same survey number and expects future auctions to command at least Rs 200 crore per acre.Despite the cancellation, govt sources indicated that chief minister A Revanth Reddy is open to allotting land to the IAMC at an alternative location if a fresh proposal is made.“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 said.Officials said that while the govt 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.Sources also pointed to a recent allotment to the State Bank of India for a data centre project at Rs 4 crore per acre. SBI obtained about 10 acres, of which seven acres were allotted in lieu of disputed land in Raidurg after the controversy, while payment was fixed for the remaining three acres.
