Hyderabad: The Telangana government has offered alternative land parcels to the State Bank of India (SBI) in an effort to resolve the dispute over a five-acre land parcel in Raidurg.
According to officials, SBI representatives recently inspected the proposed sites and are expected to respond after consulting the bank’s headquarters.
Telangana proposes three alternative land options
Officials said SBI has been seeking five acres of land in Raidurg. The area has seen a sharp rise in land value, with a recent auction by the Telangana Industrial Infrastructure Corporation (TGIIC) fetching a record Rs 237 crore per acre.
To settle the issue, the state government has proposed two alternative sites of 2.5 acres each. One is located near Plot No. 18 in Raidurg Knowledge City, while the other is at Osman Nagar near the Outer Ring Road.
The government has asked SBI to choose one of these two locations.
Bharat Future City also offered
As a third option, the Telangana government has offered 10 to 15 acres of land in Bharat Future City instead of the five-acre parcel in Raidurg.
Officials said SBI plans to use the land for setting up a data centre or other major facilities.
Land in Raidurg is currently valued at around Rs 160 crore to Rs 200 crore per acre in the market. In comparison, land in Osman Nagar is estimated to be worth around Rs 40 crore to Rs 45 crore per acre.
The government hopes the alternate land proposals will help end the dispute, which has already reached the courts.
Raidurg land auction faces SBI legal challenge
Recently, SBI claimed ownership rights over a portion of the prime land sold in Raidurg.
The dispute involves around five acres of a 6.29-acre property auctioned by the Telangana Government Industrial Infrastructure Corporation (TGIIC) on May 28.
The state government generated Rs 1,490.73 crore by auctioning the land to Hyderabad-based Gowra Ventures Pvt Ltd.
According to a petition filed before the High Court, SBI stated that the land was originally allotted to the erstwhile State Bank of Hyderabad (SBH) by the undivided Andhra Pradesh government in 2010 for Rs 13.33 crore. After the merger of SBH with SBI, the property became part of SBI’s assets.
