Taj Banjara, once a landmark hotel spread across 3.5 acres in Hyderabad, has now been taken over by Auro Realty for Rs 315 crores.
The hotel was operated by Taj GVK Hotels for nearly four decades until 2023 on leased land. After the lease ended, the landlord sold the property to the real estate group.
Auro Realty, which recently raised Rs 2,000 crores for its real estate fund, is using part of that amount for this purchase.
The existing hotel building will likely be removed so that an ultra luxury high rise project can be developed, although the old star hotel structure still carries some value.
The surprising part is the comparison with land prices in Kokapet. In Kokapet, one acre of open land with no construction can reach nearly Rs 170 crores.
In contrast, the Taj Banjara land works out to about Rs 95 crores per acre even though it includes a full hotel building. This is almost half of the Kokapet rate.
The irony continues because Taj Banjara sits in a completely developed zone with star hotels, business activity and premium residential pockets at walking distance.
Kokapet is still growing and will take time to become as busy as Banjara Hills. Hyderabad real estate keeps showing such striking contradictions.
