Kancha Gachibowli land devalued by ₹33.4 cr per acre; fraud planned for key Telangana govt leaders to pocket ₹10,000 cr: KTR
The Hindu
BRS leader KTR alleged ₹10,000 crore fraud was planned by Telangana Government through sale of 400 acres in Kancha Gachibowli, involving BJP leader
HYDERABAD
With the plan to sell a 400-acre land parcel at Kancha Gachibowli, the State Government has unveiled a major financial fraud to enable key leaders of the government pocket about ₹10,000 crore easy money, Bharat Rashtra Samithi (BRS) working president and MLA K.T. Rama Rao has alleged.
Addressing a press conference in Hyderabad on Friday (April 11, 2025), Mr. Rao along with the senior leaders said as part of its practice of “deception, distraction and destruction”, the Congress government in the State had unveiled the 400 acres land parcel sale despite the fact of it being forest land (with at least 4% canopy) irrespective of the ownership.
He alleged that with the help of a Bharatiya Janata Party (BJP) leader from the State, a brokerage agency was roped in by the State Government to mortgage the land to ICICI Bank and raise ₹10,000 crore in the form of bonds. In return, the agency was paid ₹169.84 crore brokerage to enable the government to raise money beyond the borrowing limits under the Fiscal Responsibility and Budget Management (FRBM) Act.
He further alleged that there was a devaluation of the land parcel to make money by giving it on a platter to “friendly” real estate companies from Delhi and Mumbai. He explained that in June 2024, the land was valued at ₹75 crore per acre [₹30,000 cr. for 400 acres] based on ₹100 crore per acre auctioned at Kokapet, located at about 5-6 km away.
However, another assessment agency employed by the government in November 2024 had put the value at ₹52 crore per acre (₹20,800 cr. for 400 acres) and later one more agency downgraded it further to ₹41.6 crore per acre (₹16,640 cr. for 400 acres). Mr. Rao sought what circumstances had changed the land value and depleted it by ₹33.4 crore per acre within a matter of just 10 months.
He claimed the land was pledged by Telangana Industrial Infrastructure Corporation (TGIIC) without any ownership rights as the land was neither transferred nor mutated to it by the State Government. Except for a GO issued by the Revenue Department allocating the land to TGIIC, there was no ownership and title transfer.
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